By Admin 
- Elon Musk’s trillionaire status ends due to fall in SpaceX shares.
- His wealth decreased from $1.32 trillion to $946 billion.
- SpaceX sold $25 billion in bonds for AI projects.
Elon Musk: Elon Musk’s short period as the world’s first trillionaire is over. Due to the huge fall in the shares of SpaceX (SPCX) and Tesla (TSLA), there has been a huge decline in his wealth and he has lost the record of being the only ‘trillionaire’ in the world.
Big blow to Musk
According to Bloomberg Billionaires Index, Musk’s net worth has fallen to $946 billion on Wednesday. Whereas less than two weeks ago he had set a record of having a net worth of about $1.11 trillion and recently the highest net worth was $1.32 trillion. Due to this decline, even though Musk is no longer a trillionaire, he still remains the richest person in the world by a huge margin. Recently, after the historic IPO of SpaceX on Nasdaq on June 12, Musk’s wealth had crossed $1.1 trillion.
SpaceX’s shared crashes
On June 16, SpaceX shares reached their all-time high of $225.64, taking the company’s market cap past $2.5 trillion. However, this week SpaceX shares fell by 30% from their peak to the range of $154-156. On Monday (June 22) alone, it fell by 16%. Due to this, 240 billion dollars were wiped off Musk’s net worth in one stroke. Tesla shares have also fallen by 6-9% in the last two days to the level of $375.53. Due to this, the scale of loss caused to Musk has increased further.
Why did SpaceX shares fall?
According to market analysts, immediately after the IPO, SpaceX’s announcement of selling $25 billion of bonds for new data centers and AI related projects in space made investors cautious. In fact, to beat companies like OpenAI and Anthropic in the artificial intelligence and coding race, SpaceX has made a deal to buy a startup company named Cursor AI for $60 billion, which will be paid by issuing new shares of SpaceX. Due to this, the value of stake of existing investors in the market has reduced by about 3.4%.
Investors fear that the scale of expenditure on AI is increasing, but it will take time to bring profits. Due to this fear, many big tech shares have fallen in the market.
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