Elon Musk’s net worth continued its strong downward trend this week as Space Exploration Technologies (NASDAQ:SPCX) stock plunged to a record low and Tesla (NASDAQ:TSLA) wavered.
According to Bloomberg data, Elon Musk’s net worth has dropped to $913 billion, a decline of more than $407 billion from its record high of $1.32 trillion. He is still the richest person on earth, with his wealth being bigger than that of three other billionaires – Larry Page, Sergey Brin, and Jeff Bezos – combined.
The ongoing retreat is mostly because of SpaceX, whose stock has remained in free fall. It dropped from a record high of $225 on June 16 to $145 on Friday this week as the post-IPO hype continued fading.
Still, despite the sell-off, analysts are highly optimistic about the company. Data compiled by Benzinga shows that the consensus target among analysts is $237, much higher than the current $145.
Deutsche Bank analysts have a target of $255, while Macquarie and Clear Street have targets of $250 and $217. Raymond James, the most optimistic, has a target of $800.
Similarly, analysts are hopeful that Tesla’s shares will do well, especially after the strong second-quarter deliveries. UBS boosted its target from $364 to $442, while RBC’s Tom Narayan hiked from $475 to $500.
Musk’s businesses are facing some major challenges, including the rising operational costs. SpaceX and Tesla are building Terafab in Texas, which will cost over $100 billion. In the last earnings report, Tesla hinted that it will not achieve a positive free cash flow this year because of this project.
SpaceX is also investing billions of dollars in its AI business, including xAI, even as Grok faces intensifying competition from leading AI models developed by OpenAI and Anthropic. A recent report showed that Grok has a market share of about 5% in the chatbot industry.
Elon Musk has more ways to grow his wealth in the future. Tesla is building Optimus, which he hopes will have a big market share in the humanoid business. At the same time, Neuralink, his brain implant business, raised funds at a $9 billion valuation last year. This growth may continue in the future as its solution moves from just a concept to a real product.
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