Musk Loses 'Trillionaire' Title After SpaceX Stock Plunge

Elon Musk, the CEO of Tesla and SpaceX who became the world's first "trillionaire," has lost the title after about 10 days.
Forbes, a U.S. business magazine, reported on June 24 that Musk's net worth was calculated at $962 billion as of the market close on June 23, falling short of the $1 trillion mark.
Musk joined the ranks of the world's first trillionaires on June 12, when his assets surged to $1.1 trillion following the public listing of SpaceX.
On June 16, his assets climbed to an all-time high of $1.45 trillion as SpaceX shares soared 40% during intraday trading to hit a record high.
However, as SpaceX shares subsequently plummeted, the value of Musk's assets also began to decline.
Conditions related to Tesla stock options also affected the valuation of Musk's assets.
In the process of recently exercising Tesla stock options granted in 2018, Musk sold $7.1 billion worth of his Tesla shares to cover taxes and related costs.
Furthermore, the shares received through the exercise of these stock options are subject to a condition that requires Musk to remain at Tesla as CEO or as an executive in charge of development and operations until January 2028.
Consequently, in accordance with its own valuation principles, Forbes excluded these shares, worth $116 billion, from Musk's asset valuation as they have not yet been fully vested.
As a result, the combination of the SpaceX stock correction and the conditions related to Tesla's restricted shares has pushed Musk back from being a trillionaire to a billionaire.
Previously, on June 12, when SpaceX went public, protests against "trillionaire Musk" and demanding an end to financial policies favoring the wealthy took place in front of the JPMorgan headquarters in New York, reflecting growing backlash over wealth inequality.
SpaceX, which had plunged approximately 31% from its record high of $225.64 recorded on June 16 as of the previous day, was trading around the $156 level, up about 0.5%, as of 2:30 p.m. Eastern Time on June 24.
(Photo: AP, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.