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Elon Musk loses trillionaire status as SpaceX stock deflates
Fortune • • general
Key Points:
- Asian stock markets led a global selloff amid South Korea’s interest rate hike and inflation concerns, with the tech-heavy KOSPI plunging 6.37% and entering correction territory after a 21.84% drop over the past month.
- SpaceX’s stock has lost over $1 trillion in market value since its peak, dipping below its IPO price and causing Elon Musk’s net worth to fall to $856 billion, removing his trillionaire status.
- Oil prices remain relatively low at $84 per barrel despite supply constraints from the ongoing Iran conflict and Strait of Hormuz closure, due in part to large global oil inventories mitigating acute shortages.
- President Trump is reportedly considering a military escalation against Iran, including potential invasions or bombings of strategic sites, as Iran continues attacks on U.S. interests in the region.
- The Wisconsin Elections Commission has referred Elon Musk to prosecutors for possible criminal charges related to alleged illegal election bribery after he offered money to voters supporting favored candidates.
