After his wealth dropped to about $792.8 billion...

Elon Musk loses trillionaire title

The world's richest man, Elon Musk, has mathematically lost the title of 'trillionaire,' as his fortune now stands at 'just $792.8 billion.'

This follows a 0.6% decline in SpaceX's stock price at Friday's close, and despite a 0.37% gain in after-hours trading, the stock has lost over a trillion dollars in value since peaking at $225 per share.

The stock has fallen below its initial public offering price of $135 before recovering slightly to $135.27, according to CNBC.

The setback of the latest Starship launch attempt drove SpaceX shares to an all-time low on Friday, exacerbating the stock's losing streak and slashing Elon Musk's net worth by more than $45 billion, after Wall Street had shown optimism about the company's launch capabilities, according to Forbes.

Musk stated that another attempt would be made 'hopefully within a few days.'

Musk, who owns 4.8 billion shares in SpaceX and 350 million additional stock options, saw his net worth drop by $45.3 billion to $792.8 billion; despite this, he still holds the title of the world's richest person, ahead of Google founders Larry Page ($282 billion) and Sergey Brin ($260.1 billion).

An extended sell-off occurred on Friday after Musk announced the cancellation of the 13th Starship launch, originally scheduled for Thursday evening, following a failure to ignite some rocket engines, noting that another launch attempt would be made 'hopefully within a few days.'

In a subsequent post on X, Musk stated that 'the most likely launch date is early next week.'

In a Wednesday note, UBS analyst Gavin Parsons wrote that the recent decline in SpaceX shares presents an opportunity to invest in the stock before the Starship launch, a step that Parsons said could boost the stock's value and 'demonstrate multiple new achievements, and, in our view, is a positive catalyst for the stock.'

Musk's net worth is now lower than it was before SpaceX's record-breaking initial public offering, falling below the $813 billion level estimated on June 3.

The stock market debut of Musk's rocket manufacturing company made him the first person in the world with a net worth exceeding $1 trillion, peaking at $1.45 trillion when SpaceX shares hit an all-time high on June 16, meaning the stock has declined by about $700 billion as of Friday.

Tesla, owned by Musk, is scheduled to announce its earnings on July 22. Shareholders have posed questions to Musk and company executives ahead of a private investor conference, with many of the most upvoted questions focusing on why Tesla's robotaxi plans have 'stalled.' One question directly asks the company: 'What is holding Tesla back from achieving these short-term goals it set for itself?'