Topline<\/p>\n
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\u2019s Tesla.<\/p>\n
A well-known analyst of Musk\u2019s Tesla offered a bullish take for the rocket maker. <\/p>\n
2024 InvisionKey Facts<\/p>\n
Shares of SpaceX dropped 6.2% as of Wednesday afternoon, a reversal from the nearly 12% jump over the three previous trading sessions.<\/p>\n
Another decrease in SpaceX\u2019s share price cut Musk\u2019s net worth by $59 billion to $994.1 billion, as Musk holds 4.8 billion SpaceX shares and another 350 million stock options with an exercise price of $8.40 per share.<\/p>\n
The world\u2019s richest person still ranks well above Google cofounders Larry Page ($292.7 billion) and Sergey Brin ($270 billion), who rank as the second- and third-richest, respectively.<\/p>\n
Wedbush Securities analyst Dan Ives, who is consistently bullish for Tesla, initiated his firm\u2019s coverage of SpaceX on Wednesday, calling the company \u201cone of the most differentiated assets within the tech market.\u201d<\/p>\n
Wedbush Securities set a $190 price target for SpaceX shares, as Ives wrote Musk\u2019s firm is \u201cwell-positioned to become a major hyperscaler\u201d across connectivity, rocket launches and AI infrastructure.<\/p>\n
tangent<\/p>\n
Mark Zuckerberg\u2019s net worth swelled $19.1 billion Wednesday to $212.6 billion as Meta shares soared more than 10%. The surge followed a Bloomberg<\/a> report indicating Meta was developing plans to establish a cloud infrastructure business that would sell access to AI computing power and models as a potential competitor to Amazon, Microsoft and Google.<\/p>\n key background<\/p>\n Musk\u2019s fortune has hovered around the trillion-dollar threshold as SpaceX shares have whipsawed in their first few weeks of trading. His net worth briefly peaked at $1.45 trillion a week after the rocket maker\u2019s historic initial public offering last month, but plummeting share prices erased more than $300 billion from Musk\u2019s net worth. Musk, who has held the world\u2019s richest person title since May 2024, lost his trillionaire status last week after Forbes removed $116 billion of Musk\u2019s restricted Tesla stock from estimates of his net worth. That came after Tesla replaced Musk\u2019s 2018 CEO performance award with a new one that pays out only if Musk remains in a senior leadership role through January 2028. <\/p>\n further readingForbesMusk Is A Trillionaire Again: SpaceX And Tesla Boost Net Worth By $60 BillionBy Ty Roush<\/a>ForbesElon Musk Is No Longer A TrillionaireBy Matt Durot<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Topline Elon Musk on Wednesday lost his trillionaire status as sliding SpaceX shares lowered his fortune by more…\n","protected":false},"author":2,"featured_media":520343,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[114,350,209893,231427,85,46,20383,238212,4688,225549,177663],"class_list":["post-520342","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-elon-musk","tag-elon-musk-net-worth","tag-elon-musk-trillionaire","tag-il","tag-israel","tag-musk","tag-musk-net-worth","tag-spacex","tag-spacex-shares","tag-spacex-stock"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/520342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=520342"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/520342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/520343"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=520342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=520342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=520342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}