QUICK SPARK: Elon Musk Loses $80 Billion In A Single Week
Complete. Here is the key summaryElon Musk lost $80 billion in a single week, reducing his net worth to $712.5 billion. This decline is attributed to drops in the valuations of Tesla and SpaceX, following his brief status as the world's first trillionaire.
The world’s richest person, Elon Musk, is ending the week $80 billion poorer, extending a wealth wipeout that began in mid-June after he became the world’s first trillionaire.
Musk started the week with a net worth of $792 billion, according to the Bloomberg Billionaires Index.
By Friday afternoon, his fortune had fallen to $712.5 billion, based on Forbes estimates.
That marks an $80 billion decline in just one week.
Tesla Inc. (NASDAQ:TSLA) accounts for only part of the damage.
Musk owns close to 11% of the carmaker, which has fallen about 19% this week after a second-quarter earnings miss.
The rest is SpaceX.
Space Exploration Technologies Corp. (NASDAQ:SPCX), in which Musk holds a 38% stake including options, is down about 9% this week. The company went public on June 12 at a valuation near $2 trillion.
The shares have roughly halved since.
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