American entrepreneur Elon Musk has lost his trillionaire status after shares of Tesla and SpaceX fell sharply on June 24. According to the Bloomberg Billionaires Index, his net worth now stands at $957 billion. This was reported by Business Insider.<\/p>\n
As previously reported, Musk became a trillionaire earlier this month following SpaceX\u2019s historic initial public offering, which valued the rocket company at more than $2 trillion.<\/p>\n
The company\u2019s shares surged for several days as retail investors eagerly poured money into the stock, hoping the company would deliver on its ambitious, science-fiction-like promises.<\/p>\n
However, SpaceX shares tumbled this week. On Tuesday, they closed at around $156 per share, more than 30% below their intraday peak of $225 recorded on June 16, although still above the $150 level at which trading began on June 12.<\/p>\n
In recent days, technology stocks have come under pressure amid concerns about a potential artificial intelligence bubble and the prospect of higher interest rates.<\/p>\n
Some analysts have questioned SpaceX\u2019s exceptionally high valuation and its ambitious goals, ranging from building data centers in space to landing humans on Mars.<\/p>\n
The upcoming expiration of the lock-up period, when early investors and shareholders will be able to sell their holdings, is expected to be a major test for the company.<\/p>\n
The rocket manufacturer remains Musk\u2019s most valuable asset. According to Bloomberg, the value of his SpaceX stake stood at $744 billion as of Tuesday, accounting for nearly 80% of his total net worth. His Tesla stake, valued at $158 billion, has also been affected by the recent sell-off.<\/p>\n
Musk\u2019s fortune still far exceeds that of the world\u2019s second-richest person, Google co-founder Larry Page. For comparison, the gap between their fortunes\u2014approximately $660 billion\u2014is equivalent to the combined wealth of more than two Jeff Bezoss.<\/p>\n","protected":false},"featured_media":151819,"menu_order":0,"template":"","newscat":[9],"newstag":[],"issues":[],"class_list":["post-151818","news","type-news","status-publish","has-post-thumbnail","hentry","newscat-novosti"],"_links":{"self":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news\/151818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media\/151819"}],"wp:attachment":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media?parent=151818"}],"wp:term":[{"taxonomy":"newscat","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newscat?post=151818"},{"taxonomy":"newstag","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newstag?post=151818"},{"taxonomy":"issues","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/issues?post=151818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}