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Musk's bad day: Explosion + stock drops by Tesla, SolarCity = $370 million loss

One of his rockets blew up, and he suffered a paper loss of about $370 million as the stock prices of two of his companies sank. Elon Musk was having a horrible day.

No one was injured in the explosion Thursday of the $62 million rocket owned by Musk's SpaceX, but the disaster set back the mission to place a satellite over the equator to expand communications in Europe, the Middle East and Africa.

Shares of Musk's electric car maker, Tesla, were down more than 4.5 percent Thursday afternoon and were on pace for their worst week since Brexit. According to FactSet, Musk owns more than 31 million shares, making the billionaire's loss about $325 million as of late afternoon.

And at SolarCity, where Musk is chairman, shares were down 10 percent Thursday. He owns more than 22 millionshares of the company, according to FactSet...


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