According to Forbes real-time wealth tracker, richest man Elon Musk owns $1.1 trillion. Wealth fell $152 billion, over 12%, in single day, as SpaceX stock plunged early in week.
At close of June 22 trading, aerospace company stock lost 16.4%. SpaceX craze cooled after initial IPO excitement. Stock fell three consecutive sessions, totaling nearly 24%, dragging market cap to $2.03 trillion. Last week, SpaceX value briefly surpassed Amazon and Microsoft.
SpaceX stock price movement after June 12 debut. Chart: Google Finance
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SpaceX operates Starlink satellite internet service and reusable rockets. In February, Musk merged company with artificial intelligence startup xAI.
Company stock is key source of Musk wealth. He is Chairman, CEO, and Chief Technology Officer of SpaceX, holding 4.8 billion shares, plus options to buy 350 million more. In total, billionaire owns 38% stake in SpaceX.
Also holds about 10% of electric vehicle maker Tesla. Joined company in 2004, now CEO. Also owns options to buy additional 8% stake. Electric vehicle maker has market cap of $1.27 trillion.
Besides these businesses, Musk holds stakes in tunneling firm The Boring Company and brain-computer interface developer Neuralink.
Elon Musk at SpaceX event in California, August 2017. Photo: Reuters
SpaceX also announced plans to issue unsecured bonds, stating it held nearly $101 billion in cash and cash equivalents as of June 19.
Optimistic investors bet big on Musk ability to generate long-term profits for SpaceX. Last year, company generated $18.7 billion revenue, net loss $4.9 billion. Lost nearly $4.3 billion in Q1.
With SpaceX stock falling three consecutive sessions, investors who bought at debut lost almost all gains. Still, record IPO helped Musk become world first trillionaire, pushed stakes of many shareholders past billion-dollar mark, and created thousands of new millionaires.