Elon Musk Fortune Drops Below $800bn After SpaceX Setback

Elon Musk’s net worth has fallen below $800 billion after SpaceX shares dropped following the aborted launch of its Starship rocket, reducing his fortune by an estimated $45.3 billion in a single trading session.

SpaceX stock fell about 4.4 per cent to around $125 on Friday, extending a five-day decline that has erased more than 14 per cent of the company’s market value since last Thursday.

The sell-off came after SpaceX halted the 13th Starship launch when several engines failed to start during pre-launch checks. Responding to questions on X, Musk wrote, “Hopefully in a few days,” before adding that “the most probable launch timing is early next week.”

The planned mission was the company’s first flight test since its recent initial public offering, making investors especially sensitive to the outcome. Analysts said expectations for the test had already been reflected in the share price.

“A successful Starship flight could have demonstrated multiple new milestones and been a clear catalyst for the stock,” said Gavin Parsons, an analyst at UBS. Parsons noted that the mission aimed to test booster engine restart capability and updated Starlink deployment procedures.

The latest setback follows a failed test in May, when the Super Heavy booster did not complete a controlled landing after several engines failed to restart. That incident had already raised concerns about the reliability of the system.

The decline in Elon Musk’s net worth has been significant. From a peak of about $1.45 trillion on 16 June, his estimated fortune has dropped by almost $700 billion in just over a month. After Friday’s trading, Elon Musk’s net worth stood at around $797.8 billion.

Despite the decline, Musk remains the world’s richest person. Investors are now watching closely to see whether SpaceX can resolve the engine issue and complete a successful Starship launch in the coming days.

Will a successful Starship launch be enough to restore investor confidence in SpaceX?