Elon Musk’s Wealth Falls Over $600 Billion Amid Share Drop
Elon Musk’s net worth has dropped by more than $600 billion from its June peak as SpaceX and Tesla shares declined sharply following the rocket company’s market debut and Tesla’s earnings.
New Delhi: Elon Musk’s personal fortune has shrunk by more than $600 billion in just over a month following a sharp decline in the shares of SpaceX and Tesla, even as he continues to prioritise investments in artificial intelligence, autonomous driving and robotics.
Musk’s net worth has fallen to around $684 billion from a peak of nearly $1.33 trillion reached on June 16, when SpaceX briefly propelled him to become the world’s first trillionaire. The scale of the decline exceeds the total net worth of every other billionaire except Musk himself.
The erosion has been driven primarily by a steep correction in SpaceX shares after the company’s market debut. Having raised $75 billion in what was described as the largest initial public offering in history, SpaceX listed at $150 per share, above its IPO price of $135. Investor enthusiasm initially pushed the stock up more than 50 per cent within three trading sessions, with shares touching a record closing high of nearly $202 on June 16.
