Elon Musk Falls from Trillionaire Status
Elon Musk, who briefly became the world’s first trillionaire following the record-setting IPO of Space Exploration Technologies (NASDAQ: SPCX) on June 12, is now worth $946 billion as of June 24, according to the Bloomberg Billionaires Index. The decline in his fortune followed a significant sell-off in the stocks of SpaceX and Tesla (NASDAQ: TSLA), with Musk’s wealth dropping by over $50 billion in less than two weeks.
SpaceX’s Record IPO
SpaceX aimed to raise $75 billion in its IPO but exceeded expectations, reaching a final figure of $85.7 billion. The company, currently valued at $2 trillion, has a total addressable market of $28.5 trillion, predominantly from AI. However, analysts project a negative free cash flow of $105 billion by 2029. SpaceX is also looking to raise $20 billion through a bond sale, causing its stock to fall more than 16%.
Tesla’s Challenges and Future Ventures
Tesla, the largest automaker by market capitalization, reported significant growth of 1,020% from 2019 to 2023 but has faced tightening margins, leading to a decline in sales during 2024 and 2025. Nonetheless, the company is diversifying its portfolio, earning $2.4 billion in Q1 from energy generation and storage, while developing a robotics program designed to produce up to 1 million robots annually.
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