As of 4:00 PM ET on the 24th, Bloomberg’s wealth ranking shows tech mogul Elon Musk’s total net worth at $970.2 billion. This means that just two weeks after briefly touching the trillion-dollar threshold, Musk’s personal assets have once again dipped below the line, heavily impacted by a fresh wave of U.S. tech stock declines this week.
Elon Musk
According to the BBC, Musk’s personal wealth is tightly bound to two companies he controls: SpaceX and Tesla. Notably, his stake in SpaceX accounts for nearly 80% of his total net worth. On the 12th of this month, SpaceX officially listed on the NASDAQ, and its stock price surged immediately after listing, propelling Musk’s wealth upward and making him the first person in history to become a trillionaire. On the 16th, as SpaceX shares hit their post-listing high of $225.64 per share, Musk’s total wealth peaked at an astonishing $1.32 trillion. However, amidst the latest wave of U.S. tech stock declines, SpaceX’s stock has fallen more than 30% from its peak on the 16th. In a single day on the 22nd, the drop was 16%, leading to a significant shrinkage in Musk’s personal wealth.
Analysts believe that concerns over massive expenditures on AI have triggered this new wave of U.S. tech stock declines. In addition to SpaceX and Tesla under Musk’s umbrella, other leading U.S. tech companies like Nvidia and AMD have also been impacted by this sell-off. Furthermore, starting from the end of July, stocks held by insiders at SpaceX will begin to unlock and become tradable. This implies that SpaceX faces short-term selling pressure from concentrated cashing-out, and the stock price may continue to decline, which could further reduce Musk’s net worth.
