The chief executive officer (CEO) of Tesla and SpaceX, Elon Musk has lost his status as the world’s first trillionaire after a sharp drop in SpaceX’s share price wiped billions from his personal fortune.
The billionaire entrepreneur, who crossed the trillion-dollar threshold earlier this month following SpaceX’s highly successful stock market debut, is now worth an estimated $946 billion, according to the Bloomberg Billionaires Index.
Musk’s wealth had surged to more than $1.1 trillion shortly after SpaceX’s public listing, making financial history. Investors rushed to buy shares of the aerospace company, driving its value to record highs and boosting Musk’s fortune by hundreds of billions of dollars within days.
But the excitement has faded quickly.
SpaceX shares have been under pressure in recent trading sessions, falling nearly 30% from their peak reached on 16 June. The decline has reduced the company’s market value by almost $900 billion, bringing it down from around $2.9 trillion to approximately $2 trillion.
Market analysts say investor concerns grew after SpaceX announced plans to raise at least $20 billion through its first investment-grade bond offering. The company said the funds would be used to accelerate its artificial intelligence projects and future expansion plans.
As the largest shareholder in SpaceX, Musk has been directly affected by the stock’s decline. He owns roughly 38% of the company, making SpaceX the biggest contributor to his overall wealth. He also maintains a significant stake in Tesla and several other businesses.
Despite the recent losses, Musk remains comfortably ahead of other billionaires and continues to hold the title of the world’s richest person.
SpaceX shares were trading at about $155 on Thursday, down from a high of $225.64 but still above their initial public offering price of $135.
The development highlights the volatile nature of stock market fortunes, where wealth can rise and fall dramatically in a matter of days.
