24/7 Wall Street reports that six weeks ago, Elon Musk held the distinction of being the wealthiest person in recorded history. On June 16, shortly after SpaceX completed its IPO, the aerospace company reached a market capitalization of $2.64 trillion, pushing Musk’s wealth on paper to approximately $1.45 trillion. However, by the close of trading on July 23, the Bloomberg Billionaires Index valued his holdings at roughly $738 billion, representing a loss of between $650 billion and $700 billion in just five weeks. Despite this dramatic reduction, Musk remains the world’s wealthiest individual by a substantial margin, maintaining a lead of about $500 billion over the second-richest person, Google co-founder Larry Page.
The decline stems from simultaneous drops in two major holdings in Musk’s portfolio. SpaceX’s stock performance following its record-breaking IPO has been particularly notable. After debuting as the largest initial public offering in history, SpaceX shares initially traded well above the offering price, driving the company’s valuation past $2.6 trillion within days. From the June 16 peak through July 23, SpaceX stock fell 41.4 percent, dropping from $201.80 to $118.24 per share. The company’s market capitalization declined to $895.24 billion, erasing more than $1 trillion in market value.
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