Elon Musk is no longer a trillionaire, according to Forbes, after a sharp drop in SpaceX shares erased hundreds of billions of dollars from his fortune.
Musk became the world’s first trillionaire on June 12 when SpaceX went public, pushing his estimated wealth to $1.1 trillion. Just days later, his net worth briefly peaked at $1.45 trillion as SpaceX stock surged to record highs.
That rally proved short-lived. SpaceX shares have since fallen 31 percent, dragging Musk’s estimated fortune down to about $962 billion. The decline was compounded by new restrictions placed on roughly $116 billion worth of Tesla stock linked to his 2018 compensation package.
According to Forbes, Musk remains the world’s richest person despite the setback. Under a revised agreement with Tesla, portions of his stock could be forfeited if he leaves key leadership roles before January 2028.
NEWS NOW:
