Musk’s Estimated Fortune Falls More Than $48.5 Billion as SpaceX Drops

Elon Musk’s estimated fortune fell more than $48.5 billion Friday, Oct. 30, to $865 billion as SpaceX shares slipped below their IPO price during a broad U.S. stock selloff.

SpaceX shares fell to $134.72, down $9.17, or 6.37%, on the day. The company went public on Nasdaq at $135 a share June 12. Musk owns roughly 49% of SpaceX, tying a large share of his estimated wealth to its stock price.

SpaceX’s Oct. 20 results put revenue at $14.58 billion, up 161%. Its AI business brought in $7.56 billion, ahead of Starlink’s $5.24 billion, while spending $16.4 billion — more than the space and connectivity businesses combined.

SpaceX disclosed an approximately $40 billion lease Oct. 26 with an entity run by Apollo Global Management. The entity will buy Nvidia’s next-generation Vera Rubin chips and lease them to SpaceX for about five years starting in 2027. SpaceX Chief Financial Officer Bret Johnsen said, “This lease diversifies our funding sources and addresses a notable portion of the funding required to deliver on our growth plans.”

Johnsen projected fourth-quarter capital spending of $35 billion to $40 billion, up from $19.6 billion in the third quarter. Musk’s estimated fortune had returned above $1 trillion on Oct. 21 after SpaceX and Tesla shares rose.