According to the Bloomberg Billionaires Index, Musk’s wealth fell to $957 billion, after crossing the $1 trillion mark earlier in June, driven by exceptional momentum that accompanied the initial public offering of SpaceX.
The company’s historic IPO raised its market value to more than two trillion dollars, pushing its stock to achieve strong gains during the first days of trading, amid heavy demand from individual investors who bet on the company’s ambitious projects in the fields of space and artificial intelligence.
But this momentum did not last long, as SpaceX shares declined sharply in recent days, closing at about $156 last Tuesday, down more than 30% compared to the highest level it recorded during trading at $225 on June 16.
These declines came in conjunction with a widespread selling wave that affected technology stocks, in light of growing concerns about the inflated valuations of artificial intelligence companies and the continued rise in interest rates, which prompted investors to reevaluate their bets on high-growth companies.
Despite the recent decline, SpaceX still represents the main pillar of Musk’s wealth, as the value of his stake in it amounted to about $744 billion as of Tuesday, or nearly 80% of his total net worth, according to Bloomberg data. His stake in Tesla was also affected by the recent wave of sales, reaching a value of about $158 billion.
A big difference from its closest competitors
Musk still maintains a huge difference over his closest competitors, as his wealth exceeds by approximately $660 billion the wealth of Larry Page, the second richest person and former CEO of Google, a difference that is more than double the wealth of Jeff Bezos, the founder of Amazon.
