00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Elon Musk's net worth fell to $865 billion on Friday,
00:08as concerns about the artificial intelligence industry weighed on SpaceX shares.
00:12According to Bloomberg, Musk lost more than $48 billion that day,
00:17just weeks after regaining trillionaire status.
00:20SpaceX shares fell to $134 on Friday,
00:24down from $176.56 last month and 40% below their post-IPO peak,
00:32driving Elon Musk's wealth decline.
00:34Investors are concerned that an AI bubble could burst,
00:37threatening SpaceX's $40 billion expansion of its data center business.
00:42SpaceX's AI business, which operates Grok,
00:45surpassed Starlink as its largest revenue source,
00:49generating $7.56 billion in the September quarter
00:53compared with Starlink's $5.24 billion.
00:57SpaceX's AI division is also its most expensive,
01:00with capital spending rising to $16.4 billion,
01:04exceeding its space and connectivity segments combined.
01:08SpaceX's decline coincides with losses among AI competitors
01:12CoreWeave, Nebius, and IREN,
01:15whose shares have fallen more than 50% from their record highs.
01:18For all things money, visit Benzinga.com.
