economy
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.