Elon Musk is no longer worth more than $1 trillion, less than two weeks after becoming the first person to reach the milestone.
Musk’s net worth was valued at $946 billion as of Wednesday, according to the Bloomberg Billionaires Index. That is down from about $1.11 trillion less than 14 days earlier.
The drop came after shares of SpaceX and Tesla fell during a broader tech sell-off. Investors have become more cautious about the long-term profitability of artificial intelligence.
Musk remains the world’s richest person by a wide margin. As of Wednesday, Larry Page ranked second at $296 billion, followed by Sergey Brin at $275 billion, Jeff Bezos at $257 billion and Michael Dell at $223 billion, according to the Bloomberg Billionaires Index.
SPACEX MAKES HISTORIC DEBUT; MUSK SOLIDIFIES STATUS AS WORLD’S FIRST TRILLIONAIRE
SpaceX priced its IPO at $135 per share and began trading at $150 on June 12. The debut helped push Musk’s net worth above $1 trillion.
At the IPO price, the listing valued SpaceX at more than $1.77 trillion. Musk owned about 42% of the company, and his SpaceX stake, combined with his Tesla holdings and other assets, put his net worth at more than $1 trillion.
MUSK’S SPACEX SURGES PAST AMAZON IN MARKET CAP AFTER HISTORIC IPO DEBUT
SpaceX shares later rose as high as $225.64 on June 16. That lifted Musk’s net worth to about $1.32 trillion.
But the gains did not last. SpaceX shares fell more than 30% from their June peak during the tech sell-off. On June 22, the stock dropped 16%, wiping about $240 billion from Musk’s fortune.
Tesla shares fell nearly 6% the next day, adding to the loss.
SPACEX SET A NEW RECORD FOR IPOS: THESE ARE THE WORLD’S 5 LARGEST
Founded by Musk in 2002, SpaceX has grown into the world’s largest space company and a dominant force in commercial launch services.
The company pioneered reusable rocket technology, helping lower launch costs and reshape the economics of the space industry. It has also become a key contractor for NASA and the U.S. government through civil and national security missions.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business’ Bradford Betz and Eric Revell contributed to this report.
