Elon Musk's Wealth Halves to $695.7B on July 27, Drops 50% From $1.45T Peak

According to Forbes, Elon Musk's net worth halved to $695.7 billion on July 27, down 50% from the $1.45 trillion peak reached last month. SpaceX and Tesla share prices fell sharply, eroding the billionaire's fortune. Musk previously became the world's first trillionaire but has now relinquished that status, posting on X that he is a "former trillionaire."

SpaceX shares fell 4% to hit an all-time low of $108.66 per share, down 52% from last month's peak of $225.64, according to MarketWatch. Tesla shares dropped 15% to $307.92 after missing second-quarter earnings expectations; net income fell 5% year-over-year to $1.114 billion versus market expectations of $1.3 billion. Deutsche Bank cut Tesla's price target to $420 from $465.