Musk’s trillionaire status slips as SpaceX shares swing
Elon Musk has lost trillionaire status in less than two weeks since reaching the milestone, as fluctuations in the share prices of SpaceX and Tesla took a toll on the US tech mogul’s fortune.
Musk made history as the world’s first paper trillionaire in early June, following the blockbuster rise of his SpaceX rocket company.
Shares in the business rose rapidly after hitting the market on Wall Street, rising to around US$200 ($A290) per share; This increased Musk’s personal wealth due to his 38 percent stake in the business.
But the share price has fallen nearly 30 percent since its peak and is now roughly at the same level as its opening price on the first trading day.
In that time, Musk’s wealth rose from an estimated $1.1 trillion to $1.45 trillion on its peak trading day, before falling back when stock prices fell, according to Forbes calculations.
He is currently worth an estimated $962 billion as of the end of trading on Tuesday, Forbes reported.
Moreover, the share price of Musk’s electric car maker Tesla has also been subject to fluctuations this week, partly following a widespread selloff in US tech stocks.
Big moves in his personal wealth reflect the volatility of his trillionaire status, which is tied to company valuations rather than physical money.
Yet he remains the richest man in the world, having made his fortune from shares of social media platform X (formerly Twitter).
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