Elon Musk has seen $350bn (£264bn) shaved off his net worth as SpaceX share prices have slumped.
Mr Musk became the world's first trillionaire, and is likely to have been the wealthiest person ever, when SpaceX made its debut on the New York Stock Exchange earlier this month.
Elon Musk recently made headlines for threatening to sue Rep. Ro Khanna (D–Calif.) after the congressman blamed Musk’s Department of Government Efficiency (DOGE) budget cuts for global child deaths. Concurrently, Musk’s wealth took a hit as SpaceX stock experienced a massive crash amid a broader tech sector sell-off. [1, 2, 3, 4]
Key Legal and Political Clashes
Threatening Legal Action: Musk responded aggressively to Rep. Ro Khanna after Khanna stated on a podcast that Musk "needs to answer" for up to 4.5 million children possibly dying due to DOGE-led cuts to the U.S. Agency for International Development (USAID). Musk tweeted that it was "Time to sue this liar". [1, 2]
OpenAI Court Dismissal: A federal judge previously dismissed Musk's lawsuit against OpenAI and CEO Sam Altman. The jury found that Musk waited too long to sue over allegations that OpenAI abandoned its original nonprofit mission. Musk, who sought $150 billion in damages, indicated he intends to appeal. [1, 2]
SpaceX Volatility and Valuation
Historic IPO and Sell-Off: Following a record-breaking IPO that briefly made Musk the world's first trillionaire, SpaceX shares faced severe pressure during a general tech market correction. The slump erased roughly $350 billion from Musk's net worth in under two weeks. [1, 2]
AI Infrastructure Moves: SpaceX is aggressively pivoting toward artificial intelligence. The company recently reached a multi-billion dollar agreement to supply computing resources to Reflection AI, and previously acquired AI coding startup Cursor. [1, 2, 3]
Tesla Developments
FSD Breakthroughs: On the automotive front, Musk confirmed a major breakthrough for Tesla's Full Self-Driving (FSD) system, highlighting that critical safety interventions are now "extremely rare," pointing toward the potential scaling of unsupervised robotaxis.#news #SpaceXLosesOver$600BInThreeDays
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