Elon Musk’s billionaire status took a hit after SpaceX’s stock tumbled for the fifth consecutive day. Just two weeks ago, Musk became the world’s first trillionaire when SpaceX went public with the biggest IPO in history. However, his net worth dropped to around $957 billion due to the company’s struggling performance.
SpaceX’s valuation is largely based on Musk’s promises about its future plans, including AI data centers in space. The company has not been profitable yet and absorbed a significant loss from absorbing another AI-related company, xAI. As a result, the stock market sees a daily fluctuation between billionaire and trillionaire status for Musk.
Musk’s current net worth is significantly lower than his peak of $1.1 trillion, which occurred when SpaceX’s stock price hit its highest mark of $225 per share on June 16. The stock now trades at around $154 per share, down about 1% from the previous day.
Source: https://mashable.com/tech/elon-musk-no-longer-a-trillionaire-spacex-stock-falls