Summary
Elon Musk’s net worth fell below one trillion dollars due to drops in Tesla and SpaceX stock prices. After SpaceX’s record-setting initial public offering (IPO), Musk had briefly become the world’s first trillionaire, but recent market declines caused by concerns about interest rates and AI have reduced his wealth.Key Facts
- Elon Musk’s net worth fell to about $970 billion after Tesla and SpaceX shares dropped.
- Musk became the first person to be worth over $1 trillion on June 12 following SpaceX’s IPO.
- SpaceX’s IPO raised $75 billion, marking the largest IPO in history.
- SpaceX stock rose 19% on its first day, from $135 to around $154 per share.
- A global stock market selloff hit tech stocks hard, including companies linked to AI.
- Most of Musk’s wealth is in company shares, not cash he can spend quickly.
- Musk remains the richest person in the world, with a net worth far above the second-richest, Larry Page.
- Musk’s net worth grew by $338 billion since January despite recent losses.
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