Elon Musk’s net worth has fallen below $1 trillion just two weeks after he became the first person to reach this milestone. As of Wednesday, the Bloomberg Billionaires Index assessed Musk’s wealth at approximately $946 billion, a significant decline from around $1.11 trillion less than 14 days prior.
This drop follows a decline in the share prices of Musk’s companies, SpaceX and Tesla, amid a larger sell-off in the technology sector. Investors have grown more cautious regarding the long-term profitability of artificial intelligence and its impact on tech industries.
Despite this decrease, Musk remains the richest person in the world, significantly ahead of his closest rivals. Larry Page, co-founder of Google, ranks second with a net worth of $296 billion, followed by Sergey Brin and Jeff Bezos, with net worths of $275 billion and $257 billion, respectively.
SpaceX, which recently went public, initially priced its shares at $135 and began trading at $150 on June 12. This successful launch helped elevate Musk’s wealth to over $1 trillion. At its IPO price, SpaceX was valued at more than $1.77 trillion, with Musk holding around 42% of the company.
However, after reaching a peak price of $225.64 on June 16, SpaceX shares fell over 30%. By June 22, the stock dropped by 16%, resulting in a loss of approximately $240 billion from Musk’s net worth. Additionally, Tesla shares declined nearly 6% the following day, compounding his financial losses.
Test Your Understanding
How much do you know?
