Elon Musk wealth drops to over 900 billion USD

After nearly two weeks as world's first trillionaire, Elon Musk lost title.

According to *Forbes,*richest person on planet Elon Musk now owns 951 billion USD. Number down sharply from 1.3 trillion USD early last week. Musk lost title of world's first trillionaire gained from SpaceX IPO.

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Musk wealth fell as shares of aerospace firm SpaceX and electric vehicle maker Tesla sold off. Investors increasingly cautious about long-term profit prospects of artificial intelligence (AI) sector.

SpaceX stock price performance since IPO. Chart: Google Finance

SpaceX stock now 154 USD per share, down over 26% in past 5 sessions, dragging market cap down to 2 trillion USD. Tesla stock also fell over 6% in same period.

These two stocks are Musk's main wealth sources. He is Chairman, CEO, and CTO of SpaceX, holding 4.8 billion shares, plus options to buy 350 million more. In total, billionaire owns 38% of SpaceX.

He also holds about 10% of EV maker Tesla. Musk joined company in 2004 and is CEO. He owns options to buy 8% more. EV maker market cap now 1.18 trillion USD.

Besides these companies, Musk holds stakes in tunneling firm The Boring Company and brain-computer interface developer Neuralink.

Elon Musk attends investment forum in Washington in November. Photo: AP

Analysts warned about SpaceX stock movement since record IPO on June 11. Last year, SpaceX revenue 18.7 billion USD, net loss 4.9 billion USD. This year, company lost nearly 4.3 billion USD in Q1. Some experts say trillion-dollar valuation too high compared to business results.

Still, Musk remains world's richest person, far ahead of Google co-founder Larry Page (283 billion USD) in second place. Elon Musk wealth almost equals next 4 billionaires combined: Larry Page, Sergey Brin, Jeff Bezos, Michael Dell.