Elon Musk was riding high after the SpaceX IPO catapulted him to trillionaire status. But his net worth has dipped considerably in recent weeks, even if he won’t be resorting to digging through the couch cushions for rent money. Musk’s net worth is now sitting at $797 billion on Friday afternoon, according to Forbes. Musk became a trillionaire after the SpaceX IPO on June 12, with his net worth soaring to $1.4 trillion a few days later on June 16. But the stock’s price has declined over the past month from an intraday high of $225.64 on June 16 down to $124 at the time of this writing. That’s below the $135 offering price as SpaceX has lost about $1 trillion in value in about a month. Retail investors are frustrated with the sliding stock price, as Futurism pointed out this week. And that’ll happen anytime a stock drops over 40% in a relatively short period of time. SpaceX’s scrubbed launch of Starship V3 on Thursday, the first since the company went public, certainly isn’t helping the stock today.
And the price might not be done sliding just yet. Employees and early investors have been restricted from selling, known as a lockup period, but that will change after SpaceX reports second-quarter results on August 6. Axios notes that about 1.37 billion shares could hit the market next month, and the end of the first lockup could roughly quadruple the supply of tradable shares.
