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FinanceElon Musk's net worth drops $50 billion in SpaceX selloff
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Elon Musk's net worth fell by over $50 billion on July 7, 2026, as SpaceX shares dropped nearly 7% below their $150 IPO price, and Tesla shares fell over 4%. The decline reduced Musk's fortune to $941.2 billion, down from a peak of $1.45 trillion last month. Despite the selloff, Wall Street analysts remain bullish on SpaceX's long-term potential. Raymond James set a price target of $800 per share, implying a $10 trillion+ valuation, while JPMorgan called SpaceX's potential impact on humanity 'bigger than any company's we've ever seen.' A JPMorgan analyst also cast doubt on a possible Tesla-SpaceX merger due to regulatory hurdles. Musk briefly lost his trillionaire status last month but has fluctuated around that threshold since.
Source report
Topline
Elon Musk's net worth fell by more than $50 billion on Tuesday as SpaceX shares declined sharply, despite Wall Street banks expressing strong optimism about the rocket maker's potential. One analyst described Musk's firm as having an impact on humanity "bigger than any company's we've ever seen."
Key Facts
- SpaceX shares plunged nearly 7% on Tuesday, falling below their $150 debut price.
- Tesla shares dropped by more than 4% on the same day.
- Musk holds 4.8 billion SpaceX shares, 350 million stock options, and roughly 700 million Tesla shares.
- His net worth was reduced by $58.2 billion, bringing it to $941.2 billion.
- Several investment brokers initiated coverage of SpaceX stock on Tuesday.
- The most bullish outlook came from Raymond James analyst Brian Gesuale, who stated that SpaceX is building the "foundational platform for the next generation of industrial capacity."
- JPMorgan analysts wrote: "SpaceX's ambitions, and potential impact on humanity, are bigger than any company's we've ever seen."
Surprising Fact
JPMorgan analyst Rajat Gupta cast doubt on a potential merger between Tesla and SpaceX. He noted that while a tie-up between Musk's companies is "strategically coherent on paper" and their businesses would complement each other, regulatory approval would be difficult to obtain.
Crucial Quote
"Just as railroads, electric grids, and the internet reshaped prior economic eras, we believe SpaceX is building the foundational platform for the next generation of industrial capacity."
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— Brian Gesuale, Raymond James analyst
Big Number
$800 — Raymond James' price target for SpaceX shares, representing a roughly 500% increase above the IPO price. This would push the company's market valuation well above $10 trillion.
Other broker price targets include:
- Arete Research: $401
- Morgan Stanley: $300
- Goldman Sachs: $205
- Average broker target: $236
Key Background
Musk's fortune has dropped by more than $500 billion since peaking at $1.45 trillion last month. His net worth declined as SpaceX shares lost momentum following a record-setting IPO. Musk briefly lost his trillionaire status after Forbes cut $116 billion of his restricted Tesla stock from estimates of his wealth. Over the past week, his net worth has fluctuated above and below the trillion-dollar threshold, even as more analysts offer bullish assessments of SpaceX's growth potential.
Wedbush Securities analyst Dan Ives, a consistent bull on Tesla, called SpaceX "one of the most differentiated assets within the tech market" last week. He argued that Musk's firm is "well-positioned to become a major hyperscaler" across connectivity, rocket launches, and AI infrastructure.
Further Reading
Forbes: Musk Is A Trillionaire Again: SpaceX And Tesla Boost Net Worth By $60 Billion
Source
Forbes - BusinessWestern
Part of this Story
Elon Musk Becomes World's First Trillionaire After SpaceX IPO