SpaceX, Musk’s private rockets and satellites business, is now largest asset for the first time in five years

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Elon Musk’s vast stake in Tesla is no longer his most valuable asset as the electric car company continues to endure a sharp stock market sell-off.

Musk’s stake in SpaceX, his private rockets and satellites business, is now the billionaire tycoon’s largest asset for the first time in five years, according to Forbes, which still pegs his net worth at $323bn – more than anyone else in the world.