SpaceX founder Musk loses $63 billion in wealth in three days — Fortune
SpaceX founder Elon Musk lost about $63 billion in estimated wealth over three days and fell below the $1 trillion mark for the second time. According to Fortune, his fortune declined from a recent high of $1.05 trillion on Tuesday to $987 billion on Thursday, according to the Bloomberg Billionaires Index.
Share price fluctuations
At the beginning of the week, Musk again exceeded the $1 trillion mark after SpaceX shares rose by nearly 8%. Morgan Stanley analysts then called the company’s securities undervalued. After that, the entrepreneur’s wealth, according to Fortune’s estimate, rose from $976.9 billion to $1.04 trillion.
Musk owns approximately 4.76 billion SpaceX shares, including about 1.3 billion restricted shares whose rights have not yet vested. Later, the aerospace company’s shares fell by 3.5% and traded below $162. At the same time, shares of electric vehicle maker Tesla fell by more than 2%.
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Forbes estimated Musk’s losses at $21 billion in Wednesday morning alone after SpaceX share prices declined. This followed a report that the company planned to raise $40 billion to purchase Nvidia chips. Fortune notes that such a strategy could have affected the share price due to possible investor concerns about the company’s spending and debt burden amid investments in artificial intelligence infrastructure.
Wealth assessment
Musk previously explained that his wealth reflects the value of stakes in the companies he created, rather than the amount of money in a bank account. In an interview with entrepreneur Peter Diamandis, he said that trillion-dollar wealth means a certain ownership stake in these companies.
Musk also said that as artificial intelligence and robotics capabilities grow, money may lose its importance. In an interview with The Economist, he predicted that in 2036 money would “not matter,” as AI would perform most work and human labor could become voluntary.
