Elon Musk has lost his status as the world’s first trillionaire after a sharp selloff in SpaceX shares erased more than $100 billion from his fortune in just a few days as his current net worth stands at $957 billion.
As per the Bloomberg Billionaires Index, Elon Musk’s net worth is down from the trillion-dollar mark he briefly crossed earlier this month following SpaceX’s blockbuster stock market debut.
Musk entered the trillionaire club after SpaceX surged to a valuation of nearly $3 trillion.
However, a broader technology-market sell-off and concerns about the company’s future spending plans triggered a sharp decline in the stock.
The shares of SpaceX had slipped shedding hundreds of billions of dollars in market value with the stock fell 16% to close at $154.60, the lowest level since the company’s first day of trading.
The fall has pushed company’s three-day loss to 23% and erased over $600 billion in value over that period
However, despite the decline, he remains comfortably the world’s richest person.
Musk’s fortune still exceeding the combined wealth of several other billionaires.
Bloomberg estimates that SpaceX remains Musk’s largest asset as his stake in the company is worth roughly $744 billion, accounting for nearly 80 per cent of his total wealth.
He owns nearly 38 per cent of SpaceX, including billions of shares and stock options.
On the other hand, his stake in Tesla is valued at approximately $158 billion.
Still after the losses, SpaceX is the sixth-largest company in the world with shares about 15% higher than their $135 IPO price.
SpaceX has registered a blockbuster debut at Nasdaq with its valuation surging past 2 trillion dollars.
Further, its shares soared in the first two days of trading before giving up some gains.
