Elon Musk’s trillionaire status at risk; oil price lowest since Iran war began – business live
Summary
Elon Musk’s net worth has dropped after the share price of SpaceX fell by 16% this week. SpaceX’s value fell from nearly $3 trillion to around $2 trillion, causing Musk’s wealth to decline from over $1 trillion to about $1.1 trillion. Meanwhile, oil prices hit their lowest point since the start of the Iran war, partly due to increased oil shipments through the Strait of Hormuz following a US-Iran peace deal.Key Facts
- SpaceX’s shares fell 16% in one day, lowering Musk’s worth by over $150 billion.
- SpaceX’s stock price peaked at $225 but closed at $156 recently.
- SpaceX’s total market value dropped from about $2.99 trillion to around $2 trillion.
- Musk’s total fortune decreased from over $1 trillion to approximately $1.1 trillion.
- Tesla shares also fell by 5.8% amid a broader tech selloff.
- Three large oil tankers carrying 5 million barrels of crude left the Strait of Hormuz, signaling increased oil supply.
- Oil prices hit their lowest levels since the Iran war began.
- The euro currency fell to its lowest value in over a year against the US dollar, influenced by falling oil prices and easing inflation concerns.
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