Elon Musk loses trillionaire status as SpaceX shares tumble
Elon Musk has reportedly slipped below the trillionaire threshold after a steep decline in the value of SpaceX shares, according to the Bloomberg Billionaires Index.
The Tesla and SpaceX chief executive saw his net worth fall to about $946 billion on Thursday, down from over $1 trillion recorded on June 12, shortly after SpaceX’s public market debut.
Musk briefly became the world’s first trillionaire following the rocket company’s IPO, which triggered a surge in his fortune from an estimated $707 billion to more than $1.1 trillion within days of listing.
However, that gain proved short-lived. Reports indicate that a sustained drop in SpaceX’s share price has erased hundreds of billions from its market valuation in less than two weeks.
Forbes also noted that Musk’s wealth declined from about $1.45 trillion to just under $1.1 trillion as SpaceX shares fell nearly 30 percent from their peak on June 16. The stock had initially rallied strongly, climbing as much as 67 percent in its first three days of trading after the IPO, which valued the company at over $1.8 trillion.
Since then, shares have reportedly fallen for three consecutive sessions, wiping out close to $928 billion in market value from a recent peak of $2.9 trillion down to around $2 trillion.
Musk’s fortune remains heavily tied to his 38 percent stake in SpaceX, along with his 11 percent holding in Tesla and investments across other ventures.
The latest drop was further intensified after SpaceX shares slid 16.4 percent on Monday, following the company’s announcement of plans to issue its first investment-grade bond offering to raise at least $20 billion to support its artificial intelligence expansion efforts.
