Elon Musk, chief executive officer (CEO) of Tesla and SpaceX, has lost his trillionaire status following a sharp decline in the value of the rocket company’s shares.
According to the Bloomberg Billionaires Index, Musk’s net worth fell to $946 billion on Thursday, down from the more than $1 trillion valuation recorded on June 12 following SpaceX’s initial public offering (IPO).
The billionaire became the world’s first trillionaire after the successful listing of SpaceX, with his fortune surging from $707 billion to more than $1.1 trillion within days of the company’s market debut.
However, less than two weeks later, a sustained decline in SpaceX shares has erased hundreds of billions of dollars from his wealth.
However, Forbes reported that Musk’s net worth fell from $1.45 trillion to just under $1.1 trillion after SpaceX’s share price dropped nearly 30 percent from its June 16 peak.
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