Elon Musk is no longer a trillionaire, with his net worth valued at $946 billion as of Wednesday, according to the Bloomberg Billionaires Index. This marks a significant drop from approximately $1.11 trillion recorded less than two weeks prior, when he became the first person to surpass the $1 trillion mark.
Tech Sell-Off Impacts Musk’s Fortune
The decline in Musk’s net worth is largely attributed to a broader sell-off in technology stocks, which has impacted shares of both SpaceX and Tesla. Investors have reportedly grown more cautious regarding the long-term profitability of artificial intelligence, contributing to the market downturn.
SpaceX shares experienced a notable decline, falling more than 30% from their peak in June. On June 22, the stock dropped 16%, erasing an estimated $240 billion from Musk’s total fortune. The following day, Tesla shares fell nearly 6%, further contributing to the losses.
SpaceX IPO and Initial Gains
Musk’s net worth had initially surged above $1 trillion following SpaceX’s initial public offering (IPO) on June 12. The company priced its shares at $135, and they began trading at $150. At the IPO price, SpaceX was valued at over $1.77 trillion. Musk, who owns approximately 42% of the company, saw his stake, combined with his Tesla holdings and other assets, push his net worth past the $1 trillion threshold.
SpaceX shares later reached a high of $225.64 on June 16, lifting Musk’s net worth to an estimated $1.32 trillion. However, these gains proved temporary as market conditions shifted.
Musk Remains World’s Richest Person
Despite the recent decrease in his net worth, Elon Musk continues to be the world’s richest person by a considerable margin. As of Wednesday, Larry Page ranked second with a net worth of $296 billion, followed by Sergey Brin at $275 billion, Jeff Bezos at $257 billion, and Michael Dell at $223 billion, according to the Bloomberg Billionaires Index.
SpaceX, founded by Musk in 2002, has established itself as the largest space company globally and a leader in commercial launch services. The company is recognized for pioneering reusable rocket technology, which has reduced launch costs and altered the economics of the space industry. SpaceX also serves as a significant contractor for NASA and the U.S. government, undertaking various civil and national security missions.
Helene Elliott is the senior reporter for News Raise. She covers Science news. She also has a keen interest in photojournalism. Helene holds a nomination for the prestigious Red Smith Award. She is married to author Dennis D’Agostino, a former publicist with the New York Mets.
