Elon Musk's Net Worth Drops Below $700 Billion as SpaceX Shares Decline
Elon Musk saw his net worth fall below the $700 billion threshold for the first time since December as SpaceX shares dropped 4.8% on Monday. The decline in SpaceX stock, which has plunged 50% since hitting an all-time high in June, reduced Musk's fortune by $29.5 billion. Despite the recent successful test launch of the Starship rocket, Wall Street analysts expressed caution regarding the firm's AI business and future launch economics. Musk's fortune has declined by approximately $750 billion since its peak of $1.45 trillion in June. This loss is attributed to significant market value erosion in both SpaceX and Tesla. While the broader market remains relatively steady, the heavy losses in these two megacaps have weighed down the standard cap-weighted S&P 500. In contrast, Apple has seen a strong month, nearly reaching a $5 trillion market valuation and reclaiming the title of the world's most valuable company from Nvidia.