Elon Musk's Fortune Falls Below $1 Trillion As Spacex Shares Decline
Elon Musk's fortune has fallen by $28.6 billion to below $1 trillion following a decline in SpaceX shares.
According to Forbes magazine, SpaceX shares fell by more than 3 percent after trading opened on October 13. As a result, Musk's net worth dropped to an estimated $977.2 billion.
Musk became the world's first trillionaire following SpaceX's listing on the Nasdaq stock exchange on June 12. However, he lost that status just days later as shares in SpaceX and Tesla declined.
On October 5, Musk's fortune once again surpassed $1 trillion amid rising shares in Tesla and SpaceX.
In June, SpaceX held the largest initial public offering (IPO) in history. Its shares opened at $135 and climbed above $200 in the first few days of trading. However, in early August, they fell to $108, wiping out $1.2 trillion in market value. Last week, SpaceX shares traded above $160, recovering more than $750 billion in market capitalization from their August 5 low. Overall, the stock has gained nearly 50 percent in just two months.
Reuters and The New York Times have described Musk as the largest donor to Republicans in the midterm elections. Since July, the world's richest person has spent $276 million.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment