Elon Musk loses trillionaire status
Ulviyya Poladova
Read moreThe net worth of Elon Musk has fallen from more than $1 trillion to $957 billion, AzerNEWS reports, citing Bloomberg Billionaires Index.
The data shows that Musk's fortune has declined by approximately $118 billion following recent market developments affecting his major business holdings.
Musk became the first person to surpass the $1 trillion wealth mark on June 12 after shares of SpaceX began trading at higher valuations. As a result, he maintained trillionaire status for roughly two weeks.
However, recent declines in the value of both SpaceX and Tesla shares have reduced his net worth. According to reports published on June 22, SpaceX stock fell for three consecutive days after the company announced an investment-grade bond offering aimed at financing artificial intelligence projects.
Trading data also indicates that Tesla shares have declined by 4.14% since June 16, while SpaceX shares have lost 17.13% of their value over the same period.
Despite the recent drop, Musk remains the world's wealthiest individual, with a fortune estimated at $957 billion.
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