Elon Musk loses trillionaire status as SpaceX and Tesla stock drops
Falling shares push tech mogul back down to billionaire ranks after SpaceX IPO made him world’s first trillionaire
TL;DR
- Elon Musk is no longer a trillionaire as of Wednesday's market close.
- Plunging shares in Tesla and SpaceX contributed to the decrease in his net worth.
- Musk became the first person with a net worth over $1tn following SpaceX's historic IPO on June 12.
- A global stock selloff, driven by investor concerns about Federal Reserve interest rates and fears of an AI bubble, impacted major tech stocks.
- SpaceX's IPO, the largest in history, initially raised $75bn and saw its stocks increase significantly.
- Musk's wealth is primarily tied up in stock and equity, not cash.
- It is possible for Musk to regain trillionaire status if Tesla or SpaceX shares rebound.
- Larry Page, co-founder of Google, is the next wealthiest billionaire with a net worth of approximately $284bn.
- Musk's net worth has increased by $338bn since January, more than Page's entire fortune.