Elon Musk loses trillionaire status after SpaceX shares lose $50 billion
The decline came after SpaceX shares dropped 6.2% during Wednesday’s trading. The latest fall reversed the gains the company had made over the previous three trading sessions.
According to reports, Musk’s net worth fell by about $59 billion to $994.1 billion. The drop pushed his wealth below the $1 trillion mark once again.
Musk’s fortune has moved sharply in recent weeks because of fluctuations in SpaceX shares. His wealth had reached a peak of around $1.45 trillion shortly after the company’s historic initial public offering last month.
However, falling share prices have since erased more than $300 billion from his estimated fortune. Musk had also lost his trillionaire status earlier after Forbes revised its calculations by removing $116 billion in restricted Tesla stock from his estimated wealth.
The revision followed changes to Musk’s Tesla compensation package. Under the new agreement, the payout depends on him remaining in a senior leadership position until January 2028.
Despite the latest decline, Musk remains the world’s richest person by a wide margin. His estimated wealth is still far ahead of Google co-founders Larry Page, whose fortune stands at $292.7 billion, and Sergey Brin, with an estimated net worth of $270 billion.
Meanwhile, Meta CEO Mark Zuckerberg enjoyed a strong rise in his wealth. His net worth increased by $19.1 billion to $212.6 billion after Meta shares climbed more than 10%.
Also read: Elon Musk, the founder of Tesla, has become the world’s first trillionaire.
The surge followed reports that Meta is planning to build a cloud infrastructure business. The project is expected to offer artificial intelligence computing services that could compete with Amazon, Microsoft, and Google.
Even as SpaceX shares declined, some market experts remain optimistic about the company’s future. Wedbush Securities analyst Dan Ives described SpaceX as “one of the most differentiated assets within the tech market.”
The investment firm also set a price target of $190 for SpaceX shares. It believes the company is well positioned to grow through satellite connectivity, rocket launches, and artificial intelligence infrastructure.
The latest decline shows how quickly the value of technology companies can affect the wealth of top business leaders. Even with this setback, Elon Musk remains one of the most influential and wealthiest people in the world.
