Elon Musk is no longer a billionaire, at least for this Wednesday; a milestone achieved only by the tycoon in all of history a few days ago with the IPO of SpaceX, the largest in history. In the operation, the company reached a valuation of two billion. The Bloomberg Billionaires Index has now placed the fortune of the richest man in the world at 957 billion dollars (about 843.98 billion euros).
The figure reflects in recent days, within the massive generalized fall in the financial markets, especially in the technology sector.
At the close of trading on Tuesday, SpaceX shares stood near $156, down more than 30% from the intraday high of $225 reached on June 16. This Wednesday, SpaceX shares once again recorded a session of volatility, with a decrease, near the close of the Nasdaq, of 1%. of space services and artificial intelligence (AI) in a single day, last Monday, Musk’s fortune was reduced by nearly $240 billion, according to Barron’s. The market capitalization is on the verge of two trillion dollars, after having flirted with three trillion on June 16.
In turn, Tesla shares fell 5.8% on Tuesday, compounding losses on Wednesday, with a drop close to 2% near the close. The titles have already lost more than 16% since the beginning of the year.
In any case, SpaceX remains Musk’s most valuable asset. As of Tuesday, this stake in SpaceX was valued at $744 billion, representing about 80% of the tycoon’s total wealth. His stake in Tesla, for its part, is valued at 158 billion.
In any case, despite the decline, Musk’s fortune continues to far exceed that of the second richest person in the world. The closest rival in the wealth ranking is Google co-founder Larry Page, whose fortune of $297 billion is $660 billion below that of the tycoon. This last figure is equivalent to more than double the total net worth of Jeff Bezos, founder of Amazon, and Musk’s rival in the field of space services.
The movements of technology companies will continue in the financial markets, as a result of renewed investor concerns about a bubble in the AI sector and rising interest rates.
In the case of SpaceX, investors will be very aware of the evolution of its businesses, especially the costs of its AI business, beyond projects on data centers in space or the colonization of Mars. In 2025, SpaceX’s AI business will record losses of $4.9 billion, resulting from the integration of xAI, start-up of AI promoted by the tycoon. The capital expenditure of this activity amounted to 12.7 billion during the past year.
In this scenario, SpaceX has found the support of investors, launched this week, in which it has raised 25,000 million dollars, above the initial objective of 20,000 million. Investor demand has exceeded 89 billion.
Proceeds from the bond issue will be used to repay loans under its bridge credit facility, as well as for general corporate purposes.
