Elon Musk loses his trillionaire status as SpaceX shares tumble
NEW YORK, June 24: Elon Musk has lost his status as the world’s first trillionaire after a sharp decline in SpaceX shares pulled his net worth below the USD 1 trillion mark. According to billionaire wealth trackers, Musk’s fortune dropped to approximately USD 956.5 billion from over USD 1.1 trillion earlier this week. Despite the loss, he remains the world’s richest person. SpaceX shares, which debuted at USD 135 in a recent initial public offering, had surged to USD 225 within days of listing. However, the stock retreated to around USD 154 in early trading on Wednesday following a week-long slide. Market analysts attributed the sell-off to reports that SpaceX is planning a USD 20 billion bond sale, raising investor concerns over the cash flow requirements of the capital-intensive venture. Musk’s wealth is largely tied to his 40 per cent stake in SpaceX and his holdings in Tesla. The drop in Musk’s net worth coincided with broader market shifts, including a stronger US dollar and falling oil prices. Brent crude hit its lowest level since the start of the Iran conflict, while gold prices fell below USD 4,000 an ounce for the first time since November 2025. (Agencies)
India and B’desh workers allege unpaid wages by Singapore firms
Singapore, June 24: Around 400 migrant workers, mostly from India and Bangladesh, have accused two Singapore-registered companies owned by foreigners of not paying their wages, according to media reports on Wednesday. The Ministry of Manpower (MOM) on Monday took up the complaints of first 100 workers from India and Bangladesh and began an investigation against KPA Engineering and SK Industries. The number of unpaid workers have gone up ever since MOM has started the investigation. Some Non-Governmental Organisations (NGO) supporting migrants have also begun a probe into the matter. On Tuesday, another group of 100 migrant workers from India and Bangladesh alerted the authorities about issues of unpaid wages and housing arrangements. (PTI)
