Elon Musk fell back below $1 trillion as SpaceX initial public offering returns reversed during a tech sell-off. His net worth was valued at $946 billion on Wednesday, after shares in SpaceX and Tesla moved lower.
SpaceX Adds $1.11 Trillion, Then Reverses
Less than 14 days earlier, Musk’s net worth had reached about $1.11 trillion. SpaceX priced its IPO at $135 per share and began trading at $150 on June 12, helping push him above that mark as the offering valued the company at more than $1.77 trillion.
42% of SpaceX belonged to Musk, so the stock’s move had an outsized effect on his wealth. Shares later rose as high as $225.64 on June 16, lifting his net worth to about $1.32 trillion before the pullback began.
June 22 Cut $240 Billion
30% was roughly how far SpaceX shares fell from their June peak during the tech sell-off. On June 22, the stock dropped 16%, and that one-day move wiped about $240 billion from Musk’s fortune.
6% was the next-day drop in Tesla shares, adding to the pressure on his holdings. That left Musk with a smaller cushion above the rest of the Billionaires Index, where Larry Page ranked second at $296 billion, Sergey Brin third at $275 billion, Jeff Bezos fourth at $257 billion, and Michael Dell fifth at $223 billion.
Tesla and SpaceX Pressure
That swing leaves Musk’s wealth tied even more tightly to the trading path of SpaceX and Tesla. If the tech sell-off continues, the same holdings that pushed him above $1 trillion can pull him back just as fast.
