Elon Musk has lost trillionaire status again after SpaceX shares fell more than 3% in early trading. Forbes estimated his fortune at $982.9 billion, a drop of about $26.3 billion.
Musk had regained his status just four days earlier. Thus, the $1 trillion mark once again turned out to be directly dependent on the movement of SpaceX shares, which form the bulk of his wealth.
The company held an initial public offering in June and raised $75 billion. The shares started trading at $135, and in the first few days they exceeded $200. SpaceX then reached a valuation of over $2 trillion, and Musk became the first person in history to surpass the $1 trillion mark.
In early August, SpaceX shares fell to $108, with the company losing about $1.2 trillion in market value. The stock then recovered more than $750 billion in capitalization from the bottom it reached, and in two months it rose by almost 50% before the new decline.
Musk owns 48.4% of SpaceX. His stake includes shares and options, and his valuation changes along with the company's stock price.
Investors' stake
The sharp change in Musk's fortune shows how much he depends on SpaceX's market valuation. Strategist Matt Kennedy of Renaissance Capital defined the company as “Elon Musk's stake“ because of expectations that he can repeat his success with Tesla in the space industry and artificial intelligence.
After the latest drop in price, Musk remains the richest person in the world according to Forbes, but is now below the symbolic threshold of $ 1 trillion. The final size of his fortune will depend on the further movements of SpaceX shares and the valuation of his other companies.
Sources: rbc.ru, finance.yahoo.com, investing.com