Elon Musk loses trillionaire status as SpaceX and Tesla stock drops
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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