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Elon Musk's net worth dropped to $982.9 billion on October 13 after SpaceX shares fell more than 3%. The decline occurred just four days after he regained trillionaire status.
Elon Musk's net worth has fallen back below the $1 trillion mark following a decline in SpaceX's share price. As of the morning of October 13, his net worth stood at $982.9 billion, a decrease of approximately $26.3 billion in a single day. This drop comes just four days after Musk regained his status as a trillionaire.
The reduction in Musk's wealth was driven by a slide in SpaceX shares, which fell more than 3% in early trading on October 13. Because the valuation of his SpaceX holdings is directly tied to the company's share price, his net worth fluctuated sharply alongside the stock's movement. BigGo Finance reported that the bulk of Musk's wealth is composed of his stake in SpaceX and his Tesla shares.
SpaceX listed on the Nasdaq stock exchange on June 12, marking the largest initial public offering (IPO) in history. According to Today.Az, citing Forbes, shares opened at $135 and climbed above $200 in the first few days of trading. However, in early August, the stock fell to $108, wiping out $1.2 trillion in market value. Last week, SpaceX shares traded above $160, recovering more than $750 billion in market capitalization from their August 5 low. Overall, the stock has gained nearly 50 percent in just two months.
Musk became the world’s first trillionaire following the June listing but lost that status days later as shares in SpaceX and Tesla declined. On October 5, his fortune once again surpassed $1 trillion amid rising shares in both companies.
Reuters and The New York Times have described Musk as the largest donor to Republicans in the midterm elections. Since July, the world’s richest person has spent $276 million on political contributions, according to Today.Az.
Sources
This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.
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