The sharp decline in SpaceX and Tesla shares caused a decrease in technology billionaire Elon Musk’s wealth, which led to him losing his title as the world’s first trillionaire.
“Elchi” reports that Elon Musk, one of the most famous names in the technology world, bid farewell to the trillionaire title following global sell-offs in the stock market.
Musk, who went down in history as the first person to exceed $1 trillion in wealth after SpaceX’s historic IPO on June 12, returned to the billionaire league with the recent market volatility.
The possibility of the US Federal Reserve raising interest rates and investor concerns regarding a bubble in the artificial intelligence sector caused technology stocks to fall sharply.
According to Forbes data, after this global decline, Musk’s total wealth fell to $970.2 billion. Market volatility this week had a profound impact on giant technology companies whose valuations are largely dependent on artificial intelligence investments. The sharp decline in the shares of giants such as Google’s parent company Alphabet and technology manufacturer Samsung directly affected Musk’s assets. Since a large part of Musk’s wealth consists of company shares and stock-related assets rather than cash, he is inevitably directly affected by market fluctuations.
However, experts believe that if Tesla or SpaceX shares recover, Musk could regain his trillionaire status in the near future.
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