Elon Musk lost his trillionaire status just 12 days after hitting the historic milestone. According to Forbes, his net worth nearly halved from a peak of $1.45 trillion to $725 billion. The businessman reacted with irony, reports Orda.kz.
'Ex-trillionaire,' he wrote on X. The post garnered 26 million views.
Musk’s net worth first crossed the trillion-dollar mark on June 12 following the record-breaking IPO of his space company SpaceX. Later, it peaked at around $1.45 trillion. But the record was short-lived. Days after the IPO, SpaceX shares plummeted, and on July 13 they dropped 40% from highs, bringing Musk’s wealth back below $1 trillion.
A further blow came at the end of July when Tesla lost $214.5 billion in market value in a single day — the largest one-day drop in the company’s history. Investors were disappointed by quarterly earnings: profit came in at $0.31 per share, well below Wall Street’s expectation of $0.51.
According to the latest Forbes estimate, Musk’s net worth stands at about $725 billion. He remains the richest person in the world.