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Elon Musk loses trillionaire status as SpaceX and Tesla stock drops
The Guardian • • business
Key Points:
- Elon Musk's net worth fell below $1 trillion to $970.2 billion by market close on Wednesday, due to plunging shares in Tesla and SpaceX amid a global tech stock selloff.
- Musk first became a trillionaire on June 12 following SpaceX's historic IPO, which raised $75 billion and boosted his wealth tied to the company's stock price.
- The recent market decline was driven by concerns over potential Federal Reserve interest rate hikes and fears of an AI bubble, impacting tech and AI-linked companies like Alphabet and Samsung.
- Most of Musk's wealth is tied to stock and equity rather than liquid cash, making his fortune highly sensitive to market fluctuations, with the possibility of regaining trillionaire status if Tesla or SpaceX shares rebound.
- Despite losing trillionaire status, Musk remains the world's richest person, far ahead of the next richest billionaire, Google co-founder Larry Page, whose net worth is approximately $284 billion.
