Elon Musk’s net worth drops by $50bn

Elon Musk, SpaceX and Tesla chief executive, has seen his fortune reduce by more than $51bn today after shares in the rocket company fell sharply, Forbes reports.

The report says, SpaceX’s stock dropped by over six per cent to just above $150 by Tuesday afternoon.

“Shares of SpaceX plunged by more than 6% as of Tuesday afternoon to just over $150, hovering only slightly above its $150 debut price, while Tesla shares dropped by nearly 4%,” Forbes said.

Tesla shares also declined by close to four per cent on the same day.

Forbes explained that the losses at both companies wiped $51.4bn off Musk’s net worth, bringing his total fortune down to $948bn.

Musk remains the world’s richest person by a wide margin, ahead of Google co-founders Larry Page and Sergey Brin, who rank second and third on rich lists.