According to Bloomberg data, tech entrepreneur Elon Musk lost his trillionaire status on Tuesday, less than two weeks after being the first person to do so after SpaceX’s public debut.
His fortune was evaluated at $957 billion (£727 billion) on Tuesday by the Bloomberg Billionaires Index, which is updated every day at 17:30 in New York (22:30 BST). This is fewer than 14 days after it was valued at $1.11 trillion.
The reversal came after shares of SpaceX and Tesla declined sharply, as technology stocks generally plummeted amid mounting skepticism about the long-term viability of artificial intelligence.
Musk remains the richest person in the world despite the setback, and his wealth continues to surpass that of his closest competitors. The entrepreneur first created history on June 12 when his rocket business, SpaceX, had its eagerly awaited public market debut on the Nasdaq exchange. Priced at $135 per share, the successful initial public offering (IPO) started trading at $150.
The rocket-and-satellite powerhouse was valued at about $1.77 trillion at its debut. The IPO immediately increased Musk’s paper wealth above $1 trillion because he held about 42% of SpaceX. Musk’s net worth reached a record $1.32 trillion on June 16th, as SpaceX shares peaked at $225.64 amid a surge in investor enthusiasm.
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