(Forbes) – Elon Musk on Wednesday lost his trillionaire status as sliding SpaceX shares lowered his fortune by more than $50 billion, the latest stock decline for the rocket maker despite newfound optimism from one of the best-known analysts of Musk’s Tesla.
Key Facts
SpaceX shares dropped by 6.2% on Wednesday afternoon, a reversal from about 12% rise over the three prior trading sessions.
The reduction in SpaceX’s share price dropped Musk’s net worth by about $58 billion to $994 billion, as Elon holds 4.8 billion SpaceX shares and further 350 million stock options with an exercise price of $8.40 per share.
Elon Musk, world’s richest man still considerably tops Google cofounders Larry Page, worth $292.7 billion and Sergey Brin – $270 billion. The duo rank as the second- and third-richest, globally.
Wedbush Securities analyst Dan Ives, who has initiated his firm’s coverage of SpaceX on Wednesday, called the company “one of the most differentiated assets within the tech market.”
According to Ives, whose firm set a $190 price target for SpaceX shares, SpaceX is “well-positioned to become a major hyperscaler” across connectivity, rocket launches and AI infrastructure.
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