SpaceX shares slump, Elon Musk loses his trillionaire status after less than a fortnight
Elon Musk became the world’s first paper trillionaire in June.
Elon Musk has lost his trillionaire status less than a fortnight since reaching the milestone, as swings in the share prices of SpaceX and Tesla drag on the US tech mogul’s fortune.
Mr Musk made history as the world’s first paper trillionaire earlier in June following the blockbuster float of his SpaceX rocket company.
Shares in the business soared after debuting on Wall Street, peaking at around $US200 ($A290) per share, which boosted Mr Musk’s personal wealth due to his 38 per cent stake in the business.
Sign up to The Nightly's newsletters.
Get the first look at the digital newspaper, curated daily stories and breaking headlines delivered to your inbox.
By continuing you agree to our Terms and Privacy Policy.However, the share price has slumped by about 30 per cent since the peak and is now roughly on par with the opening price on the first day of trading.
In that time, Musk’s fortune soared from an estimated $US1.1 trillion to $US1.45 trillion during the peak trading day, before falling back when the stock price sank, according to calculations by Forbes.
He is now worth an estimated $US962 billion, as of the end of trading on Tuesday, Forbes reported.
Furthermore, the share price of Tesla, Musk’s electric car maker, has also been subject to swings this week, partly after getting swept up in a widespread sell-off of technology stocks in the US.
The massive movements in his personal fortune reflect the volatility of the trillionaire status, which is tied to company valuations rather than physical money.
He nevertheless remains the world’s richest man, having also built his wealth from a stake in social media platform X, formerly Twitter.
