Elon Musk’s net worth dropped $500 billion in a month as SpaceX and Tesla losses drive funding push for tunnel venture.
Elon Musk is raising $4 billion for The Boring Company at a $20 billion valuation, tripling its 2022 valuation of $5.7 billion. The funding round remains unfinalized, with no public comment from Musk.
Musk’s net worth fell from $1.32 trillion to $832 billion in a month, a 37% decline driven by SpaceX’s 41%-45% share drop and Tesla’s $1.09 billion free cash flow loss in Q2. Tesla’s stock also fell 18% in a week.
The Boring Company has built just 2.4 miles of operational tunnels over seven years, despite the ambitious valuation target.