Mark Schiefelbein/Associated Press
Tesla CEO Elon Musk, who became the world’s first trillionaire, has seen his net worth drop by half in just over a month.
The sharp decline was driven by a drop in the stock prices of companies he operates, News.Az reports, citing AsiaToday.
According to U.S. financial outlet Forbes on July 27 (local time), CEO Musk’s net worth stood at $695.7 billion (approx. 1,020 trillion won) on that day.
That figure is less than half of his record high of $1.45 trillion (approx. 2,120 trillion won), which he reached alongside the listing of SpaceX last month.
It marks the first time in about seven months that CEO Musk’s wealth has dropped below $700 billion since December 18 last year.
The sharp drop resulted directly from a decline in the stock price of SpaceX, which he operates.
SpaceX stock dropped 4% during the session from the previous trading day to close at $108.66 (approx. 159,000 won) per share, marking its lowest level since its listing.
CEO Musk holds 4.8 billion shares and 350 million stock options in SpaceX.
On July 24, he posted a self-deprecating message on his social media account, calling himself a “Former Trillionaire.”
SpaceX successfully conducted the 13th test flight of its next-generation Starship rocket on the same day. However, during its landing in the Gulf of Mexico, some engines failed to reignite, preventing the rocket from slowing down sufficiently and resulting in a hard impact that left a note of regret.