The Bloomberg Billionaires (BBI) Index revealed on Friday that US billionaire and entrepreneur Elon Musk has lost $12.6 billion, or 7% of his fortune, in the 24 hours following the failure of the Starship spacecraft during its launch attempt and the publication of US electric car maker Tesla's Q1 financial report.
 
Now Musk's fortune stands at $164 billion and ranks second in the world's billionaire rating. 
 
SpaceX carried out the first combined launch of the Starship spacecraft on Thursday and the Super Heavy first-stage booster.

During the test flight, the spacecraft was deliberately blown up after it began to lose altitude due to multiple engine failures. The spacecraft climbed to an apogee of about 39 kilometers (24 miles) over the Gulf of Mexico, the highest point reached by any Starship spacecraft in the program's history.

Related News

Trump announces another 90-day pause on China tariffs

Explosion at Pennsylvania US steel plant traps workers beneath rubble

In addition, Tesla published a Q1 2023 report, revealing that the company's net profit attributable to shareholders decreased by 24% year-on-year and Tesla's shares fell by 9.75% at the end of April 20 trading.

SpaceX's Starship exploded as it conducted its first test launch on Thursday after its Super Heavy rocket system successfully left the launch pad in Starbase, Texas.

The 400-foot tall rocket is said by SpaceX to be the most powerful ever built, with the capability of reaching the Moon and Mars, carrying loads, alongside being designed to be reusable in all stages. 

This follows after the original launch was postponed due to a pressurization issue in the first-stage booster, mere minutes before takeoff.