- Elon Musk is no longer a trillionaire and is now worth $957 billion, according to Bloomberg's Billionaires Index.
- Shares of SpaceX closed around $156 on Tuesday, down more than 30% from an intraday peak of $225 on June 16.
- Musk's shares in SpaceX were worth $744 billion as of Tuesday, accounting for nearly 80% of his net worth.
- Musk's stake in Tesla is worth $158 billion and has also been affected by the sell-off.
- SpaceX, which lost $400bn of its market value on Monday, found its footing at around $156 a share.
- In the past two days, SpaceX shares have dropped nearly 30 per cent from their post-IPO intraday peak of $225 on June 16.
- Musk became a trillionaire earlier this month after SpaceX's initial public offering valued the company at more than $2 trillion.
Elon Musk has lost his status as a trillionaire as SpaceX shares plummeted over 30% from a peak of $225 to around $156. This decline followed a historic IPO that briefly valued the rocket company at more than $2 trillion earlier this month.12567
As of Tuesday, Musk's net worth stands at $957 billion, with his shares in SpaceX accounting for nearly 80% of his wealth, valued at $744 billion. The sell-off has also impacted his stake in Tesla, which is now worth $158 billion.34
The drop in SpaceX shares, which lost $400 billion in market value on Monday, reflects a broader trend in the market. In just two days, shares fell nearly 30% from their post-IPO intraday peak. The IPO price of $135 has raised questions about valuation, with some analysts suggesting it may be overvalued.
According to Ritter’s research, the dramatic rise in SpaceX's stock was not unusual for a new listing. Lock-up periods for early investors typically last about 180 days, but in SpaceX's case, they can begin selling portions of their holdings starting 70 days after the IPO, which could further impact stock prices.
“Elon Musk is no longer a trillionaire, now worth $957 billion, as SpaceX shares fell over 30% from their peak. The stock closed at $156, significantly impacting Musk's net worth.”
Financial Times