Elon Musk has lost in a few days the wealth that most of the world's billionaires would not be able to earn in a lifetime.
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Major international media outlets have reported that Elon Musk's personal wealth has fallen by nearly $350 billion (about Rs. 531 trillion in Nepali currency) after SpaceX's share price fell sharply. SpaceX's market value has fallen by about $1 trillion. The company's share price has fallen below the $150 it raised in its IPO, which has had a direct impact on Musk's wealth.
According to the Bloomberg Billionaires Index, Musk's wealth has fallen to about $957 billion (about Rs. 1,452 trillion in Nepali currency) as of Tuesday's market close. With this, he has lost the status of a 'trillionaire', i.e. a person with assets of more than $1 trillion, which he achieved a few days ago. However, Forbes estimates that his wealth is still above $1 trillion.
The $350 billion Musk lost in a few days of trading is more than the total wealth of Larry Page, the world's second richest person. A few days ago, after SpaceX's historic IPO, Musk's wealth was estimated to have reached $1.3 to $1.4 trillion, or more than 19 trillion to 21 trillion rupees in Nepali prices. At that time, he was more than $1 trillion ahead of the second richest person, and his personal total wealth was greater than the gross domestic product of more than 170 countries in the world. Even now, Musk's total wealth is said to be higher than the gross domestic product of about 165 countries in the world.
Musk's main source of wealth is SpaceX. His ownership in Tesla, XAI, Neuralink, The Boring Company, and the social network X have also contributed to his wealth. Musk, who entered Canada in 1989 at the age of 17 to evade mandatory military service, first came to the US in 1992 to study at the University of Pennsylvania. In 1995, he attempted to get a doctorate at Stanford University, but dropped out. He has become the world's richest person in about 30 years.
Musk achieved his first commercial success in 1999 with a company called Zip2. After selling PayPal in 2002, he quickly rose to the top of the wealth list. He first appeared on Forbes' billionaires list in 2012 and has been the world's richest person since 2021. His personal wealth, which soared due to SpaceX's IPO last week, was more than the combined wealth of the world's second, third, fourth and fifth richest people at the time.
Bloomberg analysts said SpaceX's overvaluation, selling pressure on technology stocks and growing skepticism about high growth expectations have led to the company's share price decline. But even after this decline, Musk's wealth remains far beyond the reach of most of the world's billionaires.
