How did Elon Musk lose $600 billion as soon as he got them? Will he ever actually be a trillionaire?

Elon did not lose $600 billion from a bank account. The number vanished because most of his fortune sits in shares. When SpaceX (NASDAQ: SPCX) jumped after its public listing, the value of his stake pushed his estimated wealth above $1.3 trillion.

When the stock later fell by half from its highest price, that paper gain disappeared. His net worth dropped to about $725 billion, and his run as the first trillionaire lasted only a few weeks.

The stock began trading on June 12 after the company priced its offer at $135 a share. Buyers paid $150 for the first trade, and the session ended at $161. Four days later, the price reached $225.64.

That gave SpaceX a market value close to $3 trillion. By late July, shares were near $113, around 16% below the offer price. On July 24, Elon posted, “(Former) trillionaire.”

SpaceX’s tiny public float sent Elon’s paper wealth sharply higher and then lower

The listing raised $85.7 billion after banks used the extra-share option attached to the deal. That made it far larger than the 2019 listing of Saudi Aramco (TADAWUL: 2222). The SpaceX deal started with a valuation of about $1.75 trillion.

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