©Brecht Corbeel via Unsplash
Elon Musk has lost nearly half his fortune in six weeks. According to the Bloomberg Billionaires Index, his net worth fell from a peak of about $1.33 trillion in mid-June to roughly $684 billion by the end of July. Despite the setback, he remains by far the richest person in the world. Moreover, his net worth is still greater than that of the second- and third-richest people combined.
The dramatic decline follows SpaceX’s initial public offering , which briefly made Musk the world’s first trillionaire in June. After its debut on June 12, SpaceX stock (SPCX) soared to a record high of $225.64 on June 16, but then fell sharply. By late July, the stock was trading around $108–113, well over 40–50% below its peak and partly below the IPO price of $135. With a stake of approximately 40–42% in SpaceX, stock price movements have a massive impact on Musk’s net worth.
A combination of various setbacks
Analysts point to a combination of factors: a few disappointing launches (such as a canceled Starship test on July 16), a broader reassessment of AI-related valuations, and profit-taking following the IPO euphoria. Tesla also contributed to the pressure following a quarterly update that fell short of expectations. According to market platforms, short sellers booked billions in profits on the decline.
Still the richest man on the planet
Larry Page (Google) and Jeff Bezos ( Amazon) have a combined net worth of just under $600 billion, still significantly less than Musk’s remaining $684 billion. The loss of more than $600 billion in about a month exceeds the total net worth of virtually every other billionaire on the Bloomberg list, except for Musk himself.
©Brecht Corbeel via Unsplash - illustrative image