Elon Musk loses trillionaire status after SpaceX and Tesla stock drop

Elon Musk has headed back to Earth as the world’s wealthiest individual is no longer a trillionaire after Tesla and SpaceX shares fell during Tuesday’s global market decline. According to the Bloomberg Billionaires Index, he is now valued at $957 billion.

Musk became a trillionaire earlier this month, shortly after SpaceX’s historic IPO valued the company at over $2 trillion. The stock surged for days as retail investors eagerly bought into the company’s ambitious plans.

However, this week, SpaceX’s stock dropped sharply, closing around $156 on Tuesday, more than 30% below its June 16 intraday high of $225, yet still above the initial trading price of $150 on June 12.

Recent fears of an AI bubble and rising interest rates have impacted tech stocks. Some analysts have questioned SpaceX’s lofty valuation and its ambitious goals, such as establishing data centers in space and sending humans to Mars.

The upcoming expiration of the lockup period, which will allow early investors to sell their shares, will be a key test. SpaceX’s S-1 filing ahead of its IPO revealed a $4.9 billion loss in 2025, with its AI segment alone incurring $12.7 billion in capital expenses.

Despite the recent drops, SpaceX remains Musk’s most valuable asset, worth $744 billion as of Tuesday, representing nearly 80% of his total wealth, according to Bloomberg. His Tesla holdings, valued at $158 billion, have also been affected by the sell-off.

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However, such market fluctuations are typical, and SpaceX’s recovery could restore Musk’s net worth.

Currently, Musk’s fortune surpasses that of the second-richest individual, Google co-founder Larry Page, by roughly $660 billion, an amount greater than the combined wealth of two Jeff Bezoses.