Elon Musk’s path to trillionaire status has stalled this month as Tesla (NASDAQ:TSLA) and SpaceX (NASDAQ:SPCX) continue to lose momentum. Musk’s net worth ended the week at $925 billion, up more than $305 billion since January, and still far higher than the combined wealth of the next three richest billionaires.
Tesla to Unveil Roadster and Q3 Deliveries
Elon Musk’s wealth will react to major developments from Tesla. He will unveil Tesla Roadster, which he has been delayed for years. The base Roadster will sart at around $200,000, making it the most expensive vehicle that the company makes. The Founders Series will start at $250,000 and has a production limit of 1,000 vehicles.
Tesla stock will also react to the closely-watched third quarter deliveries. Most traders on Polymarket expect the numbers to show that it delivered between 450k and 475k vehicles during the quarter. It delivered 480k vehicles in the second quarter after making 450k vehicles.
Tesla is benefiting from the ongoing gasoline and diesel price surge that have pushed more people to EVs. A good example of this is in Europe, where the company has boosted its manufacturing capacity as demand rises.
The challenge, however, is that its costs are soaring, which have led to negative free cash flow. Also, its robotaxi business is seeing strong competition from Waymo, which is backed by Alphabet (NASDAQ:GOOG).
SpaceX to Launch its Orbital Starship Test
SpaceX stock has remained stable in the past few days. It was trading at $148, up by 40% from its lowest level this year and down by 34% from its all-time high.
The stock will remain in focus this week because of its first orbital launch on Monday. This is an important test that will take the third version of its Starlink to space. If successful, Starlink V3 will help to improve the capacity per satellite, which will boost its speeds.
The most recent results showed that its Starlink business made over $4.29 billion in the second quarter, accounting for 53% of its revenue.
Analysts expect that SpaceX’s revenue will continue growing in the coming years. The average estimate is that its revenue will jump to $44 billion this year and then to $108.3 billion next year. Most of this growth is coming from its data center business.
Most of Elon Musk’s wealth comes from SpaceX, where he holds a 48.5% stake. He also holds about 20.3% of Tesla. In addition, he owns large stakes in companies like Neuralink and The Boring Company.
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