Tesla recently delivered a fleet of vehicles to the White House, where they were prominently displayed across the driveway. The event witnessed former President Donald Trump inspecting the cars alongside Tesla CEO Elon Musk. During his inspection, Trump praised the vehicles, describing them as "beautiful." In a bold move, he even got into a striking red Tesla, capturing the attention of attendees.
In an intriguing financial development, Elon Musk's stake in SpaceX has emerged as his most valuable asset, surpassing his holdings in Tesla for the first time in five years. Musk's stake in SpaceX is currently estimated to be worth $147 billion, approximately $20 billion more than his shares in Tesla. This shift highlights the impact of recent market dynamics, as Tesla's shares have halved since December.
The decline in Tesla's stock has been a windfall for hedge fund short sellers, who have reportedly made over $16 billion on paper by betting against the company's stock. This information comes from analysis by S3 Partners, as cited by the Financial Times. Despite these fluctuations, Forbes maintains Musk's net worth at a staggering $323 billion, affirming him as the wealthiest individual in the world.
Musk's growing interest in SpaceX is evident as he continues to focus on his aerospace company. Meanwhile, Tesla faces challenges amid the stock market sell-off. The strategic maneuvering has seen Musk spending recent months orchestrating a vast restructuring of the federal government, underscoring his diverse business pursuits.