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Rocket Explosion Will Cost Elon Musk $120 Million

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Major rocket manufacturer SpaceX will likely lose $120 million dollars due to a rocket explosion earlier this month, according to new estimates.

The Space Frontier Foundation (SFF) estimated how much SpaceX must spend to replace the lost rocket, factoring in future revenue from reusing the booster and the costs of repairing the launch pad. Owned by beleagured billionaire Elon Musk, the company could be hit with a $50 million dollar lawsuit from the telecommunications company whose satellite the rocket explosion destroyed. SpaceX declined comment to Forbes on the accuracy of SFF estimates.

SpaceX’s Falcon 9 rocket, worth $60 million, was carrying a $200 million satellite to provide phone, video and internet services for the Middle East, Europe, and locations across sub-Saharan Africa. The cause of the explosion is still unknown, but an investigation has revealed the accident likely began with a failure in the the rocket’s upper stage oxygen tanks. – READ MORE

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