Elon Musk, the CEO of Tesla and the recently launched $1.6 trillion aerospace company, who is also a big supporter of Dogecoin, has once again fallen below the $1 trillion net worth mark.
On Saturday, July 18, the Arkham Intelligence platform shared data revealing that Elon Musk's net worth is now estimated at around $997 billion.
Is SpaceX responsible?
Although this is not the first time Elon Musk has slipped in and out of the trillionaire club, he still remains the world's richest person despite the recurring drop in his fortune.
Per data from Arkham, the latest decline leaves him just $3 billion short of reclaiming the milestone, stirring curiosity about the reason behind the drop this time.
Last month, Elon Musk became the world's first trillionaire after SpaceX's record-breaking IPO sent his net worth above $1 trillion. The trend continued, with his fortune soaring to nearly $1.45 trillion as SpaceX shares surged to record highs.
With SpaceX valued at $715 billion, the company makes up the largest share of Musk's wealth. Thus, the trillion-dollar milestone being short-lived has been largely attributed to SpaceX's performance.
SpaceX sees major decline
It is important to note that the latest drop in Musk's net worth has coincided with a recent decline in the stock price of SpaceX.
The stock has fallen below its $135 IPO price after reaching more than $200 in the weeks following its record-breaking launch on Nasdaq.
While SpaceX accounts for about $715 billion of Musk's currently estimated $997 billion net worth, it is expected that even small declines in the company's share price can add or remove billions of dollars from his net worth.
Dan Burgin
U.Today Editorial Team
