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The Guardian - US
The Guardian - US
Technology
Sanya Mansoor

Elon Musk loses trillionaire status as SpaceX and Tesla stock drops

Elon Musk SpaceX Tesla Inc. Larry Page IPO Google
Elon Musk in a dark suit and polka dot tie gestures with his hand while speaking
Elon Musk during President Donald Trump’s visit to Beijing, China in May. Photograph: Mark Schiefelbein/AP

Elon Musk was no longer a trillionaire by the time markets closed on Wednesday. Plunging shares in Tesla and SpaceX dragged the tech magnate down to billionaire status. As of 4pm ET, Forbes listed Musk’s net worth as $970.2bn.

Musk reached trillionaire status on 12 June after SpaceX’s historic initial public offering. The rocket, satellite and AI company’s debut on the stock market made Musk the first person with a net worth of more than $1tn. His fortune continued to hover around that gigantic figure in the weeks following the initial public offering (IPO).

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