Elon Musk Loses Trillionaire Status, Drops from Record

American entrepreneur Elon Musk's wealth has fallen below the $1 trillion mark. According to Bloomberg, his current net worth stands at $957 billion. However, Forbes' calculations still value Musk's wealth at around $1.1 trillion.

As a reminder, Elon Musk became the first trillionaire in history on June 12. However, on June 23, SpaceX shares dropped by 3.9%, with the price per share falling to $148.57. As a result, the company's market capitalization decreased to $1.99 trillion.

Thus, for the first time since its record-breaking IPO, SpaceX fell below the $2 trillion threshold and dropped to seventh place in the ranking of the world's largest public companies. This was the fourth consecutive trading session of capitalization loss for the company.

For reference, in June, SpaceX raised over $85 billion through its IPO, and the company's value exceeded $2.9 trillion. This process made Elon Musk the first trillionaire and created more than 4.4 thousand new millionaires among the company's employees. However, since then, the company's value has decreased by approximately $550 billion compared to its peak indicators.