SpaceX · Tesla · Elon Musk · Federal Reserve (FED) · Google · The Guardian Technology
Elon Musk sheds trillionaire status as SpaceX and Tesla stock drops
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◎ Multiple-sources
Elon Musk was no longer a trillionaire by the time markets closed on Wednesday.
Key facts
- SpaceX raised $75bn from its record-breaking IPO and its stocks increased by 19%, from its initial price of $135 per share, within 24 hours of going public
- As of 4pm ET, Forbes listed Musk’s net worth as $970.2bn
- Musk made more money than Page’s entire fortune this year alone, increasing his net worth by $338bn since January
- The rocket, satellite and AI company’s debut on the stock market made Musk the first person with a net worth of more than $1tn
Summary
Musk reached trillionaire status on 12 June after SpaceX’s historic initial public offering. A global stock selloff this week led to sharp declines for major tech stocks and dealt a blow to Musk’s wealth, however, as investor concerns that the Federal Reserve will potentially raise interest rates and looming fears of an AI bubble rattled the market. Companies whose values were heavily linked to the AI boom, including Google’s parent, Alphabet, and chipmakers such as Samsung, were hit especially hard. The SpaceX IPO, the largest in history, immediately vaulted Musk’s wealth while also tying it to the company’s stock price.