Musk loses trillionaire title as SpaceX shares retreat

InvestorDaily

Elon Musk has lost his status as the world’s first trillionaire after a sharp decline in SpaceX shares erased hundreds of billions of dollars from his paper wealth. Musk’s estimated net worth has fallen to between US$950 billion and US$970 billion after SpaceX shares retreated more than 30 per cent from their post-listing high. The decline has been compounded by weakness in Tesla, another major contributor to his fortune.

The pullback comes less than two weeks after SpaceX’s record-breaking public debut briefly valued the company at more than US$2 trillion and pushed Musk’s estimated wealth above the US$1 trillion mark. Unlike realised wealth, Musk’s fortune is almost entirely tied to the market value of his equity holdings, meaning relatively modest percentage movements in SpaceX and Tesla shares can translate into swings of hundreds of billions of dollars in estimated net worth. The reversal has coincided with a broader sell-off in technology stocks.

The rest of this article can be found at investordaily.com.au.