Musk loses trillionaire title just 10 days later as stock prices fall

Elon Musk, the CEO of Tesla and SpaceX, has relinquished his title as the world's first trillionaire, a status he held for just over ten days. His net worth, which had climbed to an unprecedented $1.1 trillion following SpaceX's initial public offering (IPO) on September 12, has since fallen below the $1 trillion mark.

According to Forbes, Musk's net worth stood at $962 billion as of the previous day's closing prices. The surge that propelled him into trillionaire territory was largely driven by SpaceX's IPO. Subsequently, a 40% jump in SpaceX's stock price on September 16 pushed his assets to a record high of $1.45 trillion.

However, a sharp decline in SpaceX's stock value has since eroded Musk's wealth. Additionally, conditions tied to his Tesla stock options have impacted his net worth valuation. When exercising Tesla stock options granted in 2018, Musk sold $7.1 billion worth of his Tesla shares to cover taxes and other associated costs. Furthermore, Forbes has excluded $116 billion worth of these stock options from his asset valuation, as they are contingent on him remaining CEO or an executive officer at Tesla until January 2028.

The combination of SpaceX's stock market fluctuations and the conditional nature of his Tesla stock options has led to Musk's return to the ranks of the billionaire club. The volatility surrounding his wealth has also drawn public attention, with protests occurring outside JPMorgan's headquarters in New York on September 12. Demonstrators criticized Musk and advocated for an end to financial policies favoring the wealthy, highlighting concerns about economic inequality.

SpaceX's stock, which had fallen approximately 31% from its peak of $225.64 on September 16, showed a slight recovery, trading around $156 in the afternoon Eastern Time on September 24.

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The stock price of SpaceX has fallen about 31% from its peak of $225.64 recorded on September 16.