Elon Musk’s fortune has fallen by $28.6 billion to below $1
trillion following a decline in SpaceX shares.
According to Forbes magazine, SpaceX shares fell by more than 3
percent after trading opened on October 13. As a result, Musk’s net
worth dropped to an estimated $977.2 billion.
Musk became the world’s first trillionaire following SpaceX’s
listing on the Nasdaq stock exchange on June 12. However, he lost
that status just days later as shares in SpaceX and Tesla
declined.
On October 5, Musk’s fortune once again surpassed $1 trillion
amid rising shares in Tesla and SpaceX.
In June, SpaceX held the largest initial public offering (IPO)
in history. Its shares opened at $135 and climbed above $200 in the
first few days of trading. However, in early August, they 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.
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.
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