Musk's Net Worth Shrinks by $363 billion in July

August 4th. Elon Musk saw his net worth in July plummet by $363 billion, a decline larger than the total net worth of any individual among the world's 2nd to 10th richest persons. This significant drop was mainly due to a nearly 50% pullback in SpaceX's stock price following its successful IPO in June, coupled with Tesla's underwhelming performance leading to a sharp decline in its stock price, causing a drastic devaluation of Musk's holdings in both companies.

In mid-June, Musk briefly became the first person in human history to have a net worth exceeding $1 trillion after SpaceX's IPO, reaching a peak of nearly $1.45 trillion. However, amidst a general tech stock correction, setbacks in Starship launches, and market concerns over high valuations, his wealth swiftly tumbled. Nevertheless, he remains the world's richest person.