Musk Falls Below $1 Trillion
The world’s first trillionaire loses the title in less than two weeks.
Elon Musk has slipped below the US$1 trillion mark less than two weeks after becoming the first person in history to reach the milestone.
According to the Bloomberg Billionaires Index, Musk’s net worth has fallen to about US$957 billion following a sharp decline in the value of his holdings in SpaceX and Tesla.
The drop comes after SpaceX shares retreated from their post-listing highs. Investor enthusiasm surrounding the company’s blockbuster stock market debut earlier this month had briefly pushed its valuation above US$2 trillion, lifting Musk’s fortune to an estimated US$1.1 trillion on June 12.
The subsequent market pullback has erased more than US$140 billion from Musk’s wealth, ending his short-lived reign as the world’s first trillionaire.
