SpaceX is now Elon Musk’s most valuable asset as Tesla’s stock continues to tumble, marking the first time in five years the rocket company has meant more to Musk’s pockets than his automotive company.
Forbes estimates that the Department of Government Efficiency chief’s 42 percent slice of SpaceX is worth $147 billion—almost $20 billion more than his Tesla shares, a 12% stake worth $97.8 billion.
And while Tesla struggled overall in 2024, posting income drops for the second straight year, Musk’s space technology company grew its revenue by 51%, to $13.1 billion in the same period, according to Payload Space. The number is an estimate, however, as SpaceX is privately traded and shares aren’t floated on the stock market.
Starlink, a subsidiary of SpaceX that provides internet access via satellite, almost doubled its revenue to $8.2 billion. “It will be fine long-term,” Musk said of Tesla on X last week, but the cracks are starting to show in his demeanor.
Cuts enacted by Musk’s Department of Government Efficiency (DOGE) have led to Tesla experiencing its first-ever decline in global sales, down last month 45 percent in Europe. In China, sales were down 49.3 percent.
In the U.S., sales appear to be down only 5 percent. The Wall Street Journal has reported that in one survey, however, 63 percent of car shoppers said they would not even consider buying a Tesla, up 10 percentage points from last spring.
And Musk looked close to tears during an interview Fox Business’ Larry Kudlow earlier this month when discussing his “difficulty” in juggling his businesses.
“How are you running your other businesses?” Kudlow asked the billionaire. “With great difficulty. Yeah, I mean...” Musk responded, looking like he was holding back tears.
SpaceX and Tesla comprise more than 80% of Musk’s estimated net worth, a cool $329 billion. He also owns stakes in xAI, X Corp, Boring Company and Neuralink. These add $45 billion to Musk’s worth.
“In a nutshell the word ‘balance’ has been missing with Elon Musk and his ability to run Tesla as CEO....while instead focusing all of his energy and time driving his DOGE initiative,” Dan Ives, managing director at Wedbush Securities, said in a recent report.
Read it at Forbes
