Elon Musk loses trillionaire status after SpaceX drop slashes his fortune by $50 billion
Elon Musk lost his trillionaire status on Wednesday when a decline in SpaceX shares caused his worth to tumble by more than $50 billion. Despite renewed confidence from one of the most famous analysts monitoring Musk’s other company, Tesla, this is the rocket manufacturer’s most recent market fall.
SpaceX shares reversed an almost 12% rise over the preceding three sessions on Wednesday afternoon, falling 6.2%.
Given that Musk owns 4.8 billion SpaceX shares and an additional 350 million stock options with an exercise price of $8.40 per share. This decline in SpaceX’s share price reduced Musk’s net worth by $59 billion, reducing it to $994.1 billion.
Due to a more than 10% increase in Meta’s stock on Wednesday, Mark Zuckerberg’s net worth increased by $19.1 billion to $212.6 billion. This rally came after a Bloomberg story revealed that Meta was planning to launch a cloud infrastructure company that would compete with Amazon, Microsoft, and Google by offering access to computing capacity and AI models.
Musk’s net worth remained close to $1 trillion as SpaceX’s stock experienced sharp fluctuations in its first weeks of trading. His net worth briefly peaked at $1.45 trillion a week after the rocket manufacturer’s historic IPO last month. But the sharp drop in stock prices wiped more than $300,000 million off his net worth.
Musk, who had held the title of the world’s richest person since May 2024. Now he lost his trillionaire status last week after Forbes excluded $116,000 million in restricted Tesla shares from its net worth estimates. This occurred after Tesla replaced Musk’s 2018 CEO performance bonus with a new one that is paid only if Musk remains in a senior management position through January 2028.
