Elon Musk loses trillionaire status as global tech rout hits SpaceX
Summary
Elon Musk lost his trillion-dollar wealth status less than two weeks after reaching it, due to a fall in SpaceX and Tesla stock prices. Despite this drop, he remains the richest person in the world, with most of his wealth tied to these two companies.Key Facts
- Elon Musk’s wealth dropped from $1.11 trillion to $957 billion in under two weeks.
- The fall followed a large drop in SpaceX and Tesla shares, affecting Musk’s net worth.
- SpaceX went public on the Nasdaq at $135 per share, opening at $150, valuing the company at $1.77 trillion.
- Musk owns about 42% of SpaceX, making it the largest part of his fortune.
- SpaceX shares peaked at $225.64 but then fell over 30% to around $156.
- Tesla shares also dropped nearly 6%; Musk owns about 12% of Tesla shares.
- Musk’s wealth is mostly in these two companies, making it more sensitive to stock changes.
- Analysts say such stock swings are normal for new, fast-growing companies like SpaceX.
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