Elon Musk, the chief executive of Elon Musk and founder of SpaceX, has slipped below the trillionaire mark after a sharp fall in the company’s share price.
Data from the Bloomberg Billionaires Index showed that Musk’s net worth dropped to about $946 billion, down from over $1 trillion recorded shortly after SpaceX’s recent public listing earlier this month.
He briefly became the world’s first trillionaire when SpaceX went public, with his wealth rising rapidly from about $707 billion to more than $1.1 trillion within days of the listing. The surge was driven by strong early demand for the company’s shares.
However, the gains did not last. SpaceX shares began to fall steadily after reaching their peak, wiping out a large portion of the company’s market value and reducing Musk’s personal fortune by hundreds of billions of dollars.
Reports from Forbes also showed a similar drop, estimating that Musk’s net worth declined from about $1.45 trillion to just under $1.1 trillion as the stock lost nearly 30 percent from its recent high.
The company’s stock had initially jumped by as much as 67 percent in the first days of trading, pushing its valuation above $1.8 trillion. Since then, it has recorded several consecutive declines, pulling its total market value down from around $2.9 trillion at its peak to about $2 trillion.
Musk’s wealth remains heavily tied to his stake in SpaceX, along with his shares in Tesla and other investments.
The drop in value worsened after SpaceX announced plans to raise at least $20 billion through an investment-grade bond offer to support its artificial intelligence projects, a move that was followed by a sharp fall in shares.
Checks reported by TheCable showed that SpaceX shares traded around $155 on Thursday, down from their post-IPO peak but still above the initial listing price.
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