SpaceX pulled off a successful\u00a0launch\u00a0last Friday evening at its Starbase facility in South Texas, sending its Starship rocket into orbit. It hasn\u2019t stopped Elon Musk\u2019s fortune from falling back to Earth.\u00a0<\/p>\n
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The world\u2019s first trillionaire is now poorer than he was before SpaceX\u2019s initial public offering priced last month, according to the Bloomberg Billionaires Index.<\/p>\n
Musk\u2019s wealth, which peaked at about $1.33 trillion on June 16, now stands at $684 billion. The $600 billion-plus decline in just over a month exceeds the net worth of any other person who has ever been on Bloomberg\u2019s list of the world\u2019s 500 richest people, other than Musk himself.<\/p>\n
Shares of Space Exploration Technologies Corp., as the company is formally known, hit a closing high of $201.80 on June 16, but have since tumbled 46% to a record low of $108.37. Next month as many as 911.5 million shares belonging to insiders and early backers will be\u00a0unlocked, potentially putting more downward pressure on the price.\u00a0<\/p>\n
Short interest in the company\u00a0rose\u00a0to 219.3 million shares as of July 29, according to S3 Partners, up from 23.3 million on June 16. That\u2019s more than one-third of those available for public trading. Next week SpaceX reports its quarterly earnings for the first time as a public company. \u00a0\u00a0<\/p>\n
Another recent catalyst for the drop in Musk\u2019s wealth comes from Tesla Inc. \u00a0<\/p>\n
Shares of the electric carmaker have fallen 17% since it released second-quarter results on July 22. The company\u00a0reported\u00a0$5.8 billion of capital expenditures, with Musk calling it \u201ca massive capex year.\u201d Tesla recorded its first cash negative quarter in two years, overshadowing higher revenues on better-than-expected car deliveries. \u00a0<\/p>\n
Read More:\u00a0Tesla Plunges Most in a Year on Investor Angst Over AI Spending<\/p>\n
Tesla plans to introduce a host of new products in the near future, including Optimus humanoid robots, autonomous Cybercabs and AI initiatives. It said it expected to spend more than $25 billion this year on capital expenditures. \u00a0<\/p>\n
Shares in the Austin-based carmaker are down 36% from a December high. Musk owns Tesla stock worth $129 billion, according to Bloomberg\u2019s wealth index, while his SpaceX position is worth more than $550 billion.\u00a0<\/p>\n<\/div>\n
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Subscribe to\u00a0Fortune Gulf Brief<\/strong>. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world\u2019s most consequential regions, written for the people who need to act on it. Sign up here.<\/strong><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n#Elon #Musks #fortune #slumps #preSpaceX #IPO #levels #rout<\/p>\n","protected":false},"excerpt":{"rendered":"
SpaceX pulled off a successful… <\/p>\n","protected":false},"author":1,"featured_media":1377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1688,133,1848,527,2701,2703,2704,2702,81],"class_list":["post-1376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-elon","tag-fortune","tag-ipo","tag-levels","tag-musks","tag-prespacex","tag-rout","tag-slumps","tag-wealth"],"yoast_head":"\n
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<\/p>\n