Elon Musk said money douldn't matter. Then he unveiled X Money and said he's a 'former trillionaire'

Key Points:

• Elon Musk publicly acknowledged losing his trillionaire status on July 24, as his net worth fell below $700 billion due to a nearly 50% drop in SpaceX shares since mid-June.
• Musk's fortune has declined by approximately $750 billion from its $1.45 trillion peak, a loss larger than the combined net worth of Larry Page, Sergey Brin, and Jeff Bezos.
• Despite his shrinking wealth, Musk unveiled X Money, a new digital payment feature on X, aiming to transform the platform into an "everything app" with Visa as a partner, rolling out to premium subscribers starting July 27.
• Musk has repeatedly predicted that money will become irrelevant by 2036 as AI and robotics produce abundant goods and services, though some experts caution political factors will affect wealth distribution.
• Tesla shares also suffered a significant drop after Q2 earnings missed expectations due to price cuts and increased spending on AI and robotics, while SpaceX faces pressure from delayed launches and a recent costly acquisition ahead of its first earnings report as a public company.