Elon Musk’s rocket company SpaceX made him a trillionaire—the first on the planet. The historic IPO of the company earlier this month, which aims to make humanity a spacefaring civilization, saw the richest man on the planet’s net worth hit $1.1 trillion.Space Exploration Technologies Corp (SpaceX) is already among the world’s most valuable companies, briefly surpassing Amazon in the days following its market float when it soared to a valuation of $2.78 trillion.Musk owns approximately 5 billion shares in the company, meaning that a vast portion of his net worth is tied to the exploratory business. Despite SpaceX gaining some 20% in its first day of trading, a reality check soon sent its stock price downwards. The stock lost 16.43% yesterday, a selloff of approximately $400 billion. It’s market cap currently sits at $2.03 trillion.
A further dampener on Musk’s fortune is the value of shares for EV maker Tesla. Over the past month, Tesla shares have been down 6.6%, and by more than 7% for the year to date.
In turn, Musk’s net worth has dropped from a peak of $1.32 trillion to $1.08 trillion at the time of writing, per the Bloomberg Billionaires Index. The drop—between June 16 and a week later—is some $240 billion.
