Elon Musk became world's first trillionaire on June 12, then watched $363 billion disappear within a fortnight
Elon Musk's run as the world's first trillionaire has ended, just a fortnight after it began. The Tesla and SpaceX chief's fortune now stands at
Elon Musk's run as the world's first trillionaire has ended, just a fortnight after it began. The Tesla and SpaceX chief's fortune now stands at $957 billion, according to the Bloomberg Billionaires Index, after a sharp slide in both companies' shares wiped out hundreds of billions of dollars in value. However, Elon Musk remains, by a wide margin, the richest person on the planet. Elon Musk net worth: a trillionaire for just two weeks View full Image View full Image Elon Musk's run as the world's first trillionaire has ended, just a fortnight after it began. Elon Musk, a co-founder of seven companies including electric carmaker Tesla, rocket maker SpaceX and artificial intelligence venture xAI, crossed the $1 trillion threshold for the first time on 12 June, the day Space Exploration Technologies Corp, the formal name behind the SpaceX brand, made its debut on the Nasdaq. The company had priced its initial public offering at $135 a share and opened at $150, raising $75 billion in what stands as the largest IPO on record and valuing the rocket and satellite group at close to $1.77 trillion. Shares climbed further over the course of the day, lifting SpaceX's valuation to nearly $2 trillion by the close of its first session and underscoring the weight of Musk's roughly 38% stake in the company, including options. The rally did not stop there. By 16 June, SpaceX stock had climbed to $225.64, taking Elon Musk's fortune to a peak of $1.32 trillion and making him the first person in history to cross that mark.
That peak did not hold. SpaceX shares have since retreated towards their opening range, recently trading near $156, down 31% from the high. The pullback has cost Musk roughly $363 billion in just over a week, leaving his fortune at $957 billion as of 24 June, per Bloomberg's tally. Larry Page sits a distant second on the global rich list, at $297 billion, a gap of more than $660 billion. SpaceX stock price: Nasdaq debut to a 16% crash Much of the damage came in a single session. SpaceX shares fell more than 16% on Monday, the second largest one-day loss of market value on record for any company, behind only Nvidia Corp's roughly $590 billion plunge last year. The slide wiped close to $400 billion off SpaceX's valuation and cut Elon Musk's net worth by about $240 billion that day alone, taking it down to roughly $1.08 trillion before the declines continued. Tesla has not been spared either. Its shares are down 4.14% since 16 June and more than 7% for the year, adding to the pressure on Musk's balance sheet at a moment when SpaceX was already under strain. The selling was not confined to Elon Musk's companies. Alphabet, Meta, Microsoft and Amazon all suffered some of their worst sessions of the past year, as a broader rout in technology and other high-momentum stocks took hold. Bloomberg reported that the trigger was a selloff in Korean chipmakers, which revived doubts about how far the wider artificial intelligence rally could run.
The BriefWire