Elon Musk He is no longer a trillionaire after the share prices of his companies, notably SpaceX and Tesladuring Tuesday’s global stock market selloff, according to the Bloomberg Billionaires Index. Musk’s net worth has now dropped to about $957 billion. Musk briefly became a trillionaire earlier this month space exploration technologies corp. Launched a historic IPO and the company’s valuation exceeded US$2 trillion.
Elon Musk’s net worth drops after SpaceX collapse
The stock reached an intraday high of $225 on June 16, but later fell to around $156 by Tuesday’s close. this means space exploration technologies corp. According to Business Insider, the stock is down more than 30% from its recent peak.
Tesla Shares also took a hit amid a broader sell-off in tech stocks, which further reduced Musk’s wealth. Bloomberg data shows that Musk’s SpaceX shares are still worth about $744 billion, making him his largest asset, accounting for nearly 80% of his total wealth. His Tesla shares are worth about $158 billion.
Investors have recently begun to worry that artificial intelligence companies may be overvalued, leading to concerns about an artificial intelligence bubble. Concerns about possible interest rate hikes also weighed on technology stocks. Some analysts question whether space exploration technologies corp. It deserves such a lofty valuation as many of its biggest projects are still years away from realization.
Also read: SpaceX stock in focus as company inks $6.3 billion artificial intelligence deal with Reflection AI
SpaceX losses raise new questions
SpaceX’s IPO documents show that the company will report a loss of $4.9 billion in 2025. The documents also show that SpaceX’s artificial intelligence business spent $12.7 billion in capital expenditures.
Although Musk has currently lost his trillionaire status, analysts note that his wealth could increase again if space exploration technologies corp. Tesla shares rebounded. While Musk’s fortune is declining, he’s also talking about a future where money may become unnecessary because of artificial intelligence, Fortune reports.
Elon Musk says money could become useless
Musk shared these sentiments during a recent conversation with entrepreneur Peter Diamandis. Musk said he believes artificial intelligence and robots will eventually produce so many goods and services that humans will have a hard time finding jobs for them. Musk said advanced robots will be able to perform most of the tasks humans currently do. He believes that artificial intelligence systems and robots can create large-scale products and services, and society will enter a period of prosperity.
Musk It states that when goods and services become extremely abundant, their prices may continue to fall, creating a deflationary environment. He argued that robots could provide cheap labor while the money supply remained relatively unchanged. As a result, Musk said he believes traditional currencies may eventually lose their importance. The Fortune report quoted Musk as saying that “money will no longer matter at some point in the future.”
Economists remain skeptical about how fast this will happen AI The jobs that will replace humans, and whether society can successfully transition to the future described by Musk. Some experts believe widespread automation may take longer than Musk predicts. Experts also question how the government will support workers whose jobs are being replaced by artificial intelligence, Fortune reports.
Despite losing his trillionaire status, Musk remains the world’s richest man, but his comments suggest he believes future AI technology will eventually make money itself far less important than it is today.
