Musk's net worth has fallen below $1 trillion due to a decline in SpaceX's stock price
According to the Bloomberg Billionaires Index, American billionaire Elon Musk’s net worth has fallen below the psychological threshold of one trillion dollars—to $957 billion.
The main reason for this sharp decline was a steep drop in the stock price of his space company, SpaceX.
Despite this, the businessman continues to hold a leading position among the world’s richest people.
By the close of trading on June 23, SpaceX shares were trading around $156.
Earlier in the day, the price of Musk’s company’s shares had risen to $225. High market volatility led to significant financial fluctuations in the businessman’s net worth.
A downward trend was also observed in pre-market trading ahead of the main trading session on June 24, where SpaceX’s stock price continued to decline.
It is worth recalling that official trading in SpaceX shares began on the stock exchange on June 12 at $150 per share. The company’s market capitalization thus exceeded $2 trillion, and Musk became the first trillionaire in history.
The rapid surge in the value of his space-related assets secured the entrepreneur a unique status in global financial history. However, a market correction quickly brought his net worth back down to the three-digit billion range.
This is according to the Bloomberg Billionaires Index.
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