The world’s richest businessman Elon Musk has lost a big record within just a few days. Due to the huge fall in the shares of SpaceX, Musk is no longer the world’s only ‘trillionaire’ (a person with a wealth of 1 trillion dollars). According to Bloomberg Billionaires Index, his net worth has fallen to $957 billion. This big dent in Musk’s wealth is due to the huge reduction in the valuation of SpaceX and the recession in the tech market. However, despite this huge loss, he remains firmly on the position of the richest person in the world.
Musk got a big shock due to the fall in SpaceX shares
elon musk SpaceX, a company, had recently made a great debut in the stock market, after which the valuation of the company had reached around 3 lakh billion dollars. On the basis of this momentum, Musk took entry in the trillionaire club. But as the market trend changed, SpaceX shares fell below the level of $150. Within just three trading sessions, the company’s market value declined by more than $600 billion. Due to this big fall, Musk alone had to suffer a huge loss of about 118 billion dollars (about Rs 11.14 lakh crore), which took him out of the list of trillionaires.
How much wealth is left with Musk now?
Despite losing his wealth, there has been no major impact on Elon Musk’s financial health. While Bloomberg estimates his wealth at $957 billion, Forbes’ ranking still lists him as the world’s only trillionaire with $1.1 trillion. The largest part of Musk’s net worth comes from SpaceX. He has 38 percent stake in this company, which is worth about 744 billion dollars. Apart from this, he also has a big investment in electric car manufacturing company Tesla, where the value of his shares is about 158 billion dollars.
Heavy expenditure on AI has spoiled the game
Behind this decline in Musk’s net worth is not only SpaceX, but also the pressure on Tesla shares. US regulators have launched an investigation into the advanced driver assistance system of a Tesla Model 3 car following a fatal crash, sending Tesla shares down as much as 5 per cent this week. On the other hand, SpaceX’s plans to invest heavily in Artificial Intelligence (AI) infrastructure and space data centers have made investors a little cautious. The company is preparing to raise debt by issuing bonds for this, due to which concerns about profits increased in the market and a period of selling started.
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