SpaceX share drop reduces Elon Musk’s net worth to $1.1tn
7 reported
According to a single-source report from The Guardian, Elon Musk's status as the world's first trillionaire is under pressure after a 16% drop in SpaceX shares on Monday. Musk became a trillionaire this month when SpaceX floated on the stock market, but his wealth has since declined to $1.1tn. Monday's drop alone wiped out more than $152bn from his net worth, based on Forbes estimates. SpaceX shares closed at $156, above the $150 opening price but below the record high of $225 set a week ago. The IPO was priced at $135, meaning all initial participants remain in profit. The company's value fell from a peak of about $2.99tn to just over $2tn. Musk was also affected by a 5.8% drop in Tesla shares amid a broad selloff in AI and semiconductor stocks.
What’s reported
Elon Musk became the world's first trillionaire this month when SpaceX floated on the stock market.
A 16% drop in SpaceX shares on Monday reduced Musk's wealth to $1.1tn.
Monday's drop wiped out more than $152bn from Musk's net worth, per Forbes estimates.
SpaceX shares closed at $156, above the $150 opening price but below the $225 record high.
The IPO was priced at $135, so all initial participants are still in profit.
SpaceX's value fell from a peak of about $2.99tn to just over $2tn.
Tesla shares dropped 5.8% yesterday amid a broad tech selloff.
Key figures
Elon Musk, CEO of SpaceX and Tesla
Danni Hewson, head of financial analysis at AJ Bell
Bill Blain, financial analyst at Windshift Capital
Sources: The Guardian
