Big shock to Elon Musk 24 hours after becoming a billionaire, his wealth decreased by more than ₹ 53 thousand crores in a day.

New Delhi. The world’s richest businessman and tech entrepreneur Elon Musk has suffered a major setback shortly after becoming a trillionaire. Due to the fall in the shares of his space technology company SpaceX, within just 24 hours there was a decrease of about 56.4 billion dollars i.e. about Rs 53,298 crore in his wealth. This amount is believed to be equal to the total wealth of many big industrialists of India.

Recently, SpaceX had performed tremendously during its stock market journey. The company’s shares had jumped by nearly 50 percent in three consecutive trading sessions, taking the company’s market capitalization to a record level. Due to this momentum, Elon Musk’s net worth also reached a new peak and he came into the limelight as the world’s first trillionaire. But the picture changed as soon as profit-booking started in the market.

Shares of SpaceX came under pressure during trading on Wednesday despite early gains and ultimately closed down by about 5 percent. This weakness in the shares had a direct impact on the valuation of the company and the personal wealth of Elon Musk. However, even after the decline, SpaceX’s market value remains around $2.5 trillion, which keeps it among the most valuable companies in the world.

Many reasons are being given for the fall in shares. According to experts, after the continuous rally, investors booked profits, which increased the selling pressure. Apart from this, the signals given by the US central bank Federal Reserve regarding interest rates also increased the concern of investors. The Fed has kept interest rates stable for now, but has expressed the possibility of increasing rates in the future. After this, widespread selling was seen in the American stock markets.

This environment affected technology and high-valuation companies the most. SpaceX was also not untouched by this. Major indices like S&P 500 and Nasdaq also declined, showing investors turning away from riskier stocks. This was the reason why the rise in SpaceX shares suddenly came to a halt.

Experts believe that SpaceX shares may remain volatile in the coming times. Due to limited free-float of the company, even small buying and selling of shares is causing big price changes. Also, the possibility of early investors selling shares after the end of the lock-in period in future may also put pressure on the market.

However, despite this decline, Elon Musk’s total wealth still remains around $1.26 trillion. There has been a record increase in his wealth this year and he still remains the richest person in the world. Investors are now eyeing whether SpaceX is able to regain its momentum in the coming days or not.

At present, one thing is clear that both success and failure in the stock market happen very quickly. This blow received by the world’s richest man, Elon Musk, is also a reminder of this truth.