Elon Musk Is Worth $900 Billion, But That Could Change In A Day
Elon Musk has crossed the trillion-dollar threshold before and watched it vanish in weeks. What keeps his fortune swinging by hundreds of billions at a time says a lot about how fragile that number really is.
Bloomberg values Elon Musk’s net worth at $895 billion. That is up $237 billion this year. Musk’s gain is about the same as Michael Dell’s entire net worth, and Dell ranks fifth on Bloomberg’s list.
Elon Musk was worth over $1 trillion the day SpaceX (NASDAQ: SPCX | SPCX Price Prediction) went public. Many investors revised their views on the company. Its stock fell from $185 in June to $110 in August. That wiped out hundreds of billions of dollars and much of Musk’s net worth.
Musk owns 48% of SpaceX. He owns over 80% of its voting shares.
Tesla (NASDAQ: TSLA) has not done Musk any favors. The stock is down 20% this year, while the S&P 500 is up 10%. Investors aren’t sold on the idea that Tesla is something more than an EV company. He will need to prove its prowess in AI and robotics.
Musk also owns a stake in The Boring Company. It just raised $3 billion at a $23 billion valuation. Musk owns 90% of the company. SpaceX owns 6%.
The Bloomberg Billionaires Index shows that Musk has gained or lost $100 billion in net worth in a week. The public’s interest is voyeurism. It means nothing beyond that. Musk could not spend the money in several lifetimes.
Odds are good that Musk’s net worth will top $1 trillion again. It will get a lot of media coverage. When it drops back below $1 trillion after that…
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
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