Elon Musk’s net worth is in free fall, with the world’s richest person losing his trillionaire status as shares of Tesla (NASDAQ:TSLA) and SpaceX (NASDAQ:SPCX) continue to decline. The prolonged weakness in the two companies has erased hundreds of billions of dollars from his fortune, pushing it well below its peak earlier this year.
Elon Musk’s Net Worth Has Plunged Recently
Bloomberg data shows that Musk’s net worth has slumped to $792 billion from a high of $1.32 trillion last month. He is still the world’s richest person by far, with his wealth being higher than the next two billionaires combined. Google’s Larry Page and Sergey Brin are worth $297 billion and $276 billion, combined.
Most of Musk’s wealth is tied to SpaceX and Tesla, with the rest being in private companies like The Boring Company and Neuralink. Neuralink raised money at a $9 billion valuation last year, while The Boring Company is valued at $5.6 billion.
Tesla stock is stuck in a bear market after falling by 23% from its highest point this year. SpaceX, which went public last month, has plunged to a record low, erasing over $1 trillion in value. This sell-off continued on Friday after aborting its launch following an engine failure.
