Elon Musk is no longer a trillionaire
It’s official. Elon Musk is no longer a trillionaire. But while that’s welcome news for many, he is, in fact, still a billionaire.
It’s official. Elon Musk is no longer a trillionaire. But while that’s welcome news for many, he is, in fact, still a billionaire.
Earlier this month, the tech mogul became the first person on the planet to achieve trillionaire status after his company, SpaceX, went public and stocks surged on Wall Street.
This record-breaking stock market debut catapulted his net worth to an estimated $1.11 trillion.
The initial public offering valued the artificial intelligence company at over $2 trillion.
At the time, it made his wealth five million times the average American family’s salary.
This staggering figure didn’t last for long, though — literally not even a month — as SpaceX’s stock plummeted this week.
On Tuesday, shares closed around $156, according to Business Insider. This was ‘down more than 30% from an intraday peak of $225 on June 16.’
However, the outlet said it was still higher than when the shares began trading on June 12 at $150.
While no longer a trillionaire, Elon Musk’s current bank account is still eye-watering.
Bloomberg’s Billionaires Index now puts the total net worth of the world’s richest man at $957 billion.
Elon’s net worth has historically experienced huge fluctuations, though, so this is likely nothing new to him.
Typically, they are characterised by dramatic surges followed by sharp declines.