Musk loses trillionaire status after SpaceX shares decline

The fortune of American entrepreneur Elon Musk has fallen below the $1 trillion mark and currently stands at $957 billion, according to the Bloomberg Billionaires Index.

At the same time, Forbes estimates Musk’s net worth at $1.1 trillion. Musk became the world’s first trillionaire just 12 days ago, on June 12.

At the start of the main trading session on June 23, shares of SpaceX fell 3.9% to $148.57, reducing the company’s market capitalisation to $1.99 trillion. As a result, SpaceX’s valuation dropped below $2 trillion for the first time since its record-breaking IPO, placing it seventh among the world’s largest publicly traded companies. The decline marked the company’s fourth consecutive session of market-cap losses.

Earlier in June, SpaceX raised more than $85 billion through its IPO. Following the listing, the company’s market capitalisation exceeded $2.9 trillion, briefly surpassing both Microsoft and Amazon and entering the top four most valuable public companies in the world.

Since reaching its peak, however, SpaceX has lost roughly $550 billion in market value.

The company’s IPO made Musk the world’s first trillionaire, with Bloomberg valuing his fortune at $1.05 trillion at the time, and also created more than 4,400 new millionaires among SpaceX employees.

By Jeyhun Aghazada