Elon Musk, the world’s richest man, has lost his trillionaire crown. His net worth has fallen below $1 trillion after a sharp decline in SpaceX and Tesla shares. According to the Bloomberg Billionaires Index, Musk’s net worth has fallen to $957 billion.
Elon Musk became the world’s first trillionaire after SpaceX’s historic IPO earlier this month. The company’s valuation was over $2 trillion, sparking huge excitement among investors. However, the initial surge was short-lived.
The company’s market value has fallen by around $600 billion…
On Tuesday, SpaceX shares closed at around $156. That’s more than 30 percent down from its intraday high of $225 on June 16. The company’s market value has fallen by about $600 billion since last week. However, the stock is still trading about 10 percent above its IPO price of $135.
Shares of semiconductor companies have also fallen sharply…
Fears of a bubble in AI-based stocks and fears of rising interest rates have fueled a sell-off in the technology sector. Shares of U.S. semiconductor companies have also fallen sharply in recent trading sessions.
