After Tesla stock crash, poor car sales and SpaceX failed rocket launches, Elon Musk has some more alarming news; here's what it is and how it could affect him

Billionaire Elon Musk has taken some hard hits recently, with Tesla stock plummeting, disappointing Tesla sales in Europe, and SpaceX struggling with rocket launches. Now, there's yet another challenge in the works that might threaten his position in space exploration, The Street reported.

Elon Musk Faces New Competition in the Space Race

Musk is now up against a tough competitor from an unlikely contender in the space race, former Google CEO Eric Schmidt, according to the report.

Schmidt, a veteran technology titan who steered Google into a global superpower, is now leading Relativity Space, a space exploration and technology startup based in California, The Street reported.


He acquired a controlling share in Relativity Space and would become the company's CEO, The Street reported. Schmidt joined at a time when the company had planned to build the first "flight version" of its Terran R rocket, The Street reported.

Relativity Space's Challenge to SpaceX’s Position

As per an Ars Technica article, Relativity Space is one of the few US-based companies positioned to develop a medium-lift rocket that could "potentially challenge the dominance of SpaceX and its Falcon 9 rocket." The Ars Technica report also mentioned that, "If the Terran R booster becomes commercially successful, it could play a big role in launching megaconstellations."

Schmidt claimed to oversee day-to-day operations in the company, like "scaling operations and improving product and manufacturing execution,” The New York Times reported. This approach might help Relativity Space to achieve the goal of helping it advance toward new rocket launches, according to the report.

Relativity Space's aim is for a flight rate of 50-100 rockets per year, The Street reported. This may be a cause of worry for Musk, especially if the company successfully launches the Terran R this year, it will be a tough competition for SpaceX, The Street reported.

FAQs

What recent setbacks has Elon Musk experienced?
Elon Musk has faced declining Tesla shares, failing European sales, and SpaceX turbulence with rocket launches.

What is Relativity Space developing?
Relativity Space is developing the Terran R rocket. It can potentially compete with SpaceX's Falcon 9, The Street reported.