Elon Musk is no longer a trillionaire after a sharp drop in the value of SpaceX shares cut his fortune.
According to the Bloomberg Billionaires Index, Musk’s net worth fell to $946 billion on Thursday, down from the more than $1 trillion recorded on June 12 after SpaceX’s initial public offering (IPO).
Musk became the world’s first trillionaire after SpaceX went public. His fortune jumped from $707 billion to more than $1.1 trillion within days of the company’s market debut.
But less than two weeks later, a steady fall in SpaceX shares wiped hundreds of billions of dollars from his wealth.
Forbes also reported that Musk’s net worth dropped from $1.45 trillion to just under $1.1 trillion after SpaceX shares lost nearly 30 percent from their June 16 peak.
SpaceX shares had climbed as much as 67 percent during their first three trading days after the record-breaking IPO, which valued the company at more than $1.8 trillion.
Since then, the stock has fallen for three straight trading sessions, cutting about $928 billion in market value from a peak of $2.9 trillion to around $2 trillion.
Most of Musk’s wealth comes from his 38 percent stake in SpaceX, along with his 11 percent holding in Tesla and investments in several other businesses.
The decline picked up on Monday when SpaceX shares dropped 16.4 percent after the company announced plans for its first investment-grade bond offering. The move is expected to raise at least $20 billion to support its artificial intelligence plans.
Checks by TheCable showed that SpaceX shares were trading at about $155 on Thursday, well below their post-IPO high of $225.64 but still above the company’s $135 listing price.
