Elon Musk’s net worth stands at an estimated $977.2 billion at the time of writing. According to Forbes, Elon Musk lost $28.6 billion as SpaceX stock drops more than 3% after Tuesday’s open. With the SpaceX stock price under pressure, Elon Musk’s net worth falls below $1 trillion only four days after he won the title back.
Also Read: Tesla Stock: Did Musk Hint at a SpaceX Merger Ahead of Roadster Reveal?
Elon Musk’s Net Worth Falls as SpaceX Stock Drop Erases Trillionaire Status
On paper, Elon Musk lost $28.6 billion in just a few hours on Tuesday, October 13, which works out to roughly 2.8% of his fortune as of 12:20 p.m. EDT.
A big part of his net worth comes from the two companies he runs as CEO. He owns an estimated 48.4% of SpaceX, according to August filings, and also about 11% of Tesla, which slipped 0.5% that same morning.
How Elon Musk Loses $28.6 Billion In A Single Morning
Every time SpaceX stock drops, Musk feels it right away. This time, the slide came during a wider AI chip selloff that started in Asian markets, hit SK Hynix, Samsung and TSMC, and also cost SoftBank CEO Masayoshi Son about $5.5 billion.
The timing stings. Elon Musk’s net worth had only climbed back above $1 trillion four days earlier, when Tesla and SpaceX shares rallied hard late in the previous week.
The SpaceX Stock Price Has Been On A Wild Ride Since June
Musk became the world’s first trillionaire after SpaceX listed on the Nasdaq on June 12, in what was the largest IPO on record. Shares went public at $135 and peaked at $225.64 within days. It is not the first time Elon Musk’s net worth falls below $1 trillion, either, as the same thing happened just days after that debut.
By early August, the SpaceX stock price had dropped to $108, and about $1.2 trillion in market value disappeared. Shares later climbed back above $160, and right now the stock is still swinging hard.
At the time of writing, the SpaceX stock price is $148.62, down 2.33% on the day and 10.11% over five days, according to TradingView.
Source: TradingView
Tesla And SpaceX Merger Talk Adds Another Twist
Elon Musk’s net worth could swing even more if his two biggest companies ever combine. Musk recently paired the words Tesla x SpaceX with the Roadster livestream link, and so far neither company has confirmed any talks.
Asked about a merger on Tesla’s July earnings call, Musk had this to say:
“There’s more and more overlap, especially with Terafab. But obviously, you know, we can’t talk about combining companies on an earnings call. It’s got to be done with the appropriate process.”
Barclays sees SpaceX buying Tesla with stock as the likelier route. Wedbush analyst Dan Ives, who puts the odds of a merger at better than 80% by 2027, stated in a June interview with CNBC:
“When I look out over the next year, I continue to view that… I would be shocked if it doesn’t happen, just given the synergies, given the cross-pollination, and also for Musk himself, I think it makes the most sense to have all that AI technology under one hood, especially given the controlling nature of SpaceX.”
For now, Elon Musk’s net worth falls below $1 trillion once more, and if SpaceX stock drops further, he could stay under that line for a while.