Not Tesla, this company is now Elon Musk's most valuable asset

Elon Musk, the world’s richest man, has lost out millions in recent sell-off spree and that’s just one of his worries. Close confidant and boss of Director of Government Efficiency in Donald Trump’s administration, Musk has been at the centre of an unprecedented backlash. The sale slump in Europe and other markets have added to the chaos. The biggest casualty – Tesla. According to a latest Forbes numbers, Tesla is no longer Musk’s most valuable asset. For the first time in five years, SpaceX has become Musk’s valuable asset. At $323 billion, Musk still remains the richest man on the planet, the Forbes report added.

Musk’s SpaceX shares are valued at $147 billion, which is $20 billion more than his Tesla stakes. The value of Tesla stocks has eroded significantly since market rout since December.

The auto major has been under lot of scrutiny and market pressure ever since it became clear that Musk will be part of Trump’s cabinet and spend a considerable time at DOGE.

Last week, JPMorgan analysts slashed their price target on Tesla by roughly 41% to $135. JPMorgan lowered the guidance due to concerns over vehicle deliveries.

But situation was not always this stark for the EV company. In November 2024, Tesla remained the sole EV entity that witnessed sharp surge in its stock after Trump won the US Presidential Election for second time.

The undercurrent was that Tesla could see some benefits with Musk’s closeness to the administration. However, things have changed for Musk since November’s ebullient mood.