Elon Musk loses trillionaire status after SpaceX and Tesla stock drop
Key takeaways
- Add ARY News on Google AAResize Elon Musk has headed back to Earth as the world’s wealthiest individual is no longer a trillionaire after Tesla and Space X shares fell during Tuesday’s global market decline.
- Musk became a trillionaire earlier this month, shortly after Space X’s historic IPO valued the company at over $2 trillion.
- However, this week, SpaceX’s stock dropped sharply, closing around $156 on Tuesday, more than 30% below its June 16 intraday high of $225, yet still above the initial trading price of $150 on June 12.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Elon Musk has headed back to Earth as the world’s wealthiest individual is no longer a trillionaire after Tesla and Space X shares fell during Tuesday’s global market decline. According to the Bloomberg Billionaires Index, he is now valued at $957 billion.
Musk became a trillionaire earlier this month, shortly after Space X’s historic IPO valued the company at over $2 trillion. The stock surged for days as retail investors eagerly bought into the company’s ambitious plans.
However, this week, SpaceX’s stock dropped sharply, closing around $156 on Tuesday, more than 30% below its June 16 intraday high of $225, yet still above the initial trading price of $150 on June 12.