Elon Musk loses trillionaire status as SpaceX and Tesla stock drops
6 hours ago
- #Wealth Fluctuation
- #Elon Musk
- #Stock Market
- Elon Musk lost trillionaire status as Tesla and SpaceX shares fell, reducing his net worth to $970.2 billion.
- Musk first became a trillionaire on June 12 after SpaceX's historic IPO, which raised $75 billion and briefly made him the first person with over $1 trillion in net worth.
- A global stock selloff hit tech stocks due to fears of Federal Reserve interest rate hikes and an AI bubble, impacting companies like Alphabet and Samsung.
- SpaceX's stock price rose 19% after its IPO to $154.35 per share, but market fluctuations tied most of Musk's wealth to volatile equity, not cash.
- Despite the drop, Musk remains the world's richest person, far ahead of second-place Larry Page ($284 billion), and could regain trillionaire status if Tesla or SpaceX shares rebound.
- Musk increased his net worth by $338 billion since January 2023 alone, surpassing Page's entire fortune in gains this year.