A monthlong decline in Tesla shares has cut more than $50 billion from CEO Elon Musk’s fortune, but the world’s richest person is still expected to become a trillionaire this week amid record-setting demand for SpaceX’s stock debut.
A stock debut for Musk’s aerospace firm should make him the first trillionaire, even as Tesla’s latest slide cut into his fortune.
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Tesla’s shares, which hit a recent peak of $453.40 on May 13, have dropped by nearly 16% as of Wednesday’s closing price of $381.59, which marked the seventh decline for the stock over the previous nine sessions.
That nearly monthlong slide for Tesla has reduced Musk’s net worth by about $51.5 billion, valuing his fortune at $782 billion, and still ranking him well above Google cofounders Larry Page ($290.9 billion) and Sergey Brin ($268.3 billion), the second- and third-richest people in the world, respectively, according to Forbes’ Real-Time Billionaires list.
Despite the slide, some analysts have become increasingly bearish for Tesla in recent days: JPMorgan, in a note led by analyst Rajat Gupta last week, set its stock price target for Tesla at $475 after previously projecting a 65% plunge to $145—a prediction that Musk responded to on X, writing, “lol.”
The analysts cited Tesla’s push into autonomous driving and robotics over near-term earnings, writing Tesla was at the “forefront of physical AI” and that the company was “unmatched at industrial level scale.”
SpaceX will set its final IPO pricing on Thursday, setting the stage for what’s expected to be the largest-ever stock debut. The company disclosed last week it aimed to sell about 555.6 million shares at $135 per share, raising $75 billion in its initial public offering and potentially valuing the company at a record $1.77 trillion. Musk holds a 42% stake in SpaceX, and the $135-per-share target would guarantee him becoming the world’s first trillionaire, valuing his combined shares and options at an additional $688 billion, according to Forbes’ estimates.
SpaceX’s debut would add billions to the fortunes of several executives and investors: Antonio Gracias, who holds more than 503 million SpaceX shares, could have his $4.8 billion net worth surge by nearly $68 billion at a $135 IPO price. SpaceX president Gwynne Shotwell’s stake could increase to $1.6 billion from $1.2 billion, and CFO Bret Johnson’s stake, valued at $700 million, could make him a billionaire with a fortune estimated at $1.2 billion at the projected debut share price.
A trading debut for Musk’s SpaceX will likely make him the first person to be the chief executive of two companies with a market value of $1 trillion or more. SpaceX’s IPO, which unveiled the company’s finances as well as Musk’s tight grip on shareholder voting power, is one of the most highly anticipated stock debuts expected this year along with OpenAI and Anthropic, both of which announced IPO filings in recent weeks. Some analysts have warned that SpaceX’s IPO may be overvalued, including Morningstar, which projected SpaceX to trade at $63 per share and warned traders to wait until after the IPO to avoid volatility. “Big Short” investor Michael Burry has also pushed bearish criticism, arguing on his Substack there was “nothing” in SpaceX’s IPO filing to suggest the company is worth $1 trillion, “let alone $2 trillion.”
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