Elon Musk has retained his status as the world’s first trillionaire despite a massive correction in the stock market that erased a significant portion of his wealth.
The downturn came into effect over three days of intense trading as part of a broader technology stock selloff that intensified on Wall Street on Monday (June 22).
Forbes reported that the sharp correction, driven by investor anxiety over newly announced corporate financing plans, had ultimately knocked his net worth down to just over $1.1 trillion.
Context
SpaceX’s historic initial public offering on June 12 debuted at $135 a share and raised a record-breaking $75 billion, pushing the company's valuation past $2 trillion.
With Musk controlling roughly half of SpaceX’s shares, that added hundreds of billions to Musk’s net wealth, catapulting him far past billionaire status to become the world's first trillionaire.
While the unprecedented milestone was met with fierce protests outside the exchange over extreme wealth inequality, the listing also minted thousands of new millionaires overnight among ordinary employees holding stock options.
The record-breaking SpaceX initial public offering (IPO) was formulated to generate capital for deploying artificial intelligence data centers into orbit and expanding deep space exploration targets.
One of the more contentious factors causing the sudden slide was the surprise announcement that the aerospace giant would issue at least $20 billion in senior unsecured notes.
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