Not all Elon Musk’s businesses shine in the same way. While Tesla collapsed in the bag dragging with him 100,000 million dollars of his founder’s personal fortune, his other businesses such as Spacex, Starlink and X show surprising resistance at a time of great turbulence.
According to the Italian newspaper Corriere della will, Since the beginning of January, the tycoon lost 96,500 million. On the other hand, the Bloomberg billionaire index updated on March 5, confirmed the collapse of 33% of Tesla’s shares, of which it has 13%. This strong fall hits the South African businessman in a moment of strong political exposure, coinciding with his appointment at the head of the Government Efficiency Department (Doge). Despite the loss, Musk firmly retains the richest man title on the planet, with an estimated heritage of 336,000 million dollars; More than 100,000 million ahead of the founder of Meta Mark Zuckerberg, whose personal heritage amounts to 226,000 million.
The causes of the crisis
In a couple of months, Tesla experienced a sharp change of stage. In November, after Trump’s electoral victory, the actions rose 40% in Wall Street. But the situation changed again: with a sales decrease in Europe, where the electric vehicle manufacturer (VE) recorded a 45%drop, while the global VE market grew by 15%.
According to analysts, another weight of weight is Musk’s progressive departure from the company’s operational direction, given its growing involvement in politics. In addition, his support for the Alternative Party for Germany (AFD) has negatively affected the perception of the brand in the same country where Tesla launched a gigaphabic. His support for the Trump administration also raises doubts among Americans about the treatment of possible conflicts of interest.
Despite the numbers, Musk maintains an optimistic attitude. The company’s plan for the next few years is to clean its name through new innovations: from the development of self -conceived vehicles, to the launch of the new model 2 of 25,000 dollars planned for this year. However, the deadlines of these projects could be extended as competition progresses in the automobile sector. Meanwhile, Chinese manufacturers such as Byd and European such as Volkswagen are closing the technological gap with models that offer greater autonomy at a lower cost.
The US government ordered the states to retract their plans to build hundreds of electric cargo stations financed with federal funds, according to a note obtained by Wired.
The other Musk businesses
In contrast to the difficulties of Tesla, Space X enjoys excellent figures, managing to strengthen its position in the aerospace sector. The company does not quote on the stock market, so it is more difficult to know its exact value; However, the latest available estimates calculated an increase of 210,000 to 350,000 million dollars thanks to new investments.
Its Starlink subsidiary, a network of communications satellites, is also receiving more and more projects and tenders. The Washington Post He reported that the Federal Aviation Administration (FAA), the American agency that supervises civil aviation, is considering withdrawing a contract of 2.4 billion dollars to Verizon, one of the largest telecommunications companies in the United States, and giving it to Spacex. If specified, this agreement could further consolidate Starlink position in strategic satellite communications.
The social network X also shows signs of recovery. After a difficult period in which its valuation fell to 15,000 million dollars in 2023, the success derived from the Trump campaign and Musk’s closeness to the Republican President seem to have revitalized the platform. According to sources collected by Bloomberg, X is in conversations to raise funds with an assessment of 44,000 million dollars, equivalent to the amount that Musk paid to acquire it. At the same time, the artificial intelligence company of Musk, XAI, is negotiating a new financing of 10,000 million dollars that could almost double its valuation of 40,000 to 75,000 million dollars.
Article originally published in Wired Italyadapted by Alondra Flores.
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