Musk loses trillionaire status as SpaceX shares ‘come down to earth with a bump’ - business live

Key Points:

• Elon Musk has lost his trillionaire status after SpaceX shares declined from their peak following its recent IPO, with his net worth dropping to around $956 billion according to Forbes and Bloomberg indexes.
• SpaceX shares peaked at $225 on June 16 but have since fallen to around $154, partly due to concerns over a planned $20 billion bond sale, raising questions about the company's cash flow.
• Berkeley Group, a major UK housebuilder, reported a 14.7% profit drop and called for reduced red tape and lower stamp duty to address London's housing shortage, highlighting that building times have increased significantly.
• Gold prices have fallen below $4,000 an ounce, their lowest level this year, driven by a stronger US dollar and expectations of higher US interest rates, while oil prices have dropped to their lowest since the Iran war began amid increased shipping activity through the Strait of Hormuz.
• The British pound has hit its lowest level against the US dollar since November, pressured by political uncertainty following Keir Starmer’s resignation and a stronger dollar backed by expectations of US Federal Reserve rate hikes.