Topline
A further decline in SpaceX shares on Monday cut Elon Musk’s net worth by more than $20 billion, lowering his fortune below the $700 billion threshold just a month after Musk became the world’s first trillionaire.
The Tesla and SpaceX CEO recently acknowledged his fortune’s decline, calling himself a “former” trillionaire.
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Key Facts
Shares of SpaceX dropped 4.8% to around $109.50 as of 10:50 a.m. EDT Monday, extending a 50% plunge for the stock since hitting an all-time high on June 16.
Musk, whose SpaceX holdings include 4.8 billion shares and another 350 million stock options, saw his net worth cut by $29.5 billion to $695.7 billion, yet he still ranks well ahead of Google co-founders Larry Page ($268.5 billion) and Sergey Brin ($247.1 billion) as the world’s richest person.
This is a developing story.