2026-06-25 11:05:30
Elon Musk has lost his trillionaire status less than two weeks after becoming the first person to surpass the $1 trillion mark, following a sharp sell-off in shares of SpaceX and Tesla.
According to the Bloomberg Billionaires Index, Musk’s net worth fell to $957 billion (£727 billion) on Tuesday (23.06.26), down from $1.11 trillion less than a fortnight earlier.
Despite the decline, the entrepreneur remains the world’s richest person by a considerable margin.
Musk’s brief spell as the world’s first trillionaire followed the long-awaited public debut of SpaceX on the Nasdaq exchange on June 12.
The rocket company’s shares were priced at $135 before opening at $150, giving SpaceX a valuation of more than $1.77 trillion.
Because Musk owns around 42 per cent of the aerospace company, the listing immediately pushed his paper wealth above the trillion-dollar milestone.
Investor enthusiasm continued over the following days, with SpaceX shares climbing to a peak of $225.64 on June 16 and lifting Musk’s estimated fortune to around $1.32 trillion.
However, the rally quickly unravelled as technology stocks came under pressure amid growing concerns over artificial intelligence spending, persistent high interest rates and the long-term profitability of AI investments.
SpaceX shares have since fallen by more than 30 per cent from their peak, trading at around $156.
A 16 per cent decline on June 22 alone reportedly wiped an estimated $240 billion from Musk’s personal wealth.
The losses were compounded after shares in electric vehicle manufacturer Tesla fell by almost six per cent the following day.
Musk’s wealth is particularly sensitive to market movements because the vast majority of his fortune is concentrated in SpaceX and Tesla stock, rather than being spread across a diversified portfolio.
Financial analysts said the volatility was typical following a major public listing but reflected wider uncertainty surrounding highly valued technology companies.
Danni Hewson, head of financial analysis at AJ Bell, said: “For a stock like SpaceX, a lot of decision making might have been emotional and based on the anticipation of huge leaps forward in space exploration and utilisation, but investing should be something treated with clear eyes and patience, even when such huge numbers are involved.”
With restrictions preventing company insiders from selling shares due to expire later this month, analysts expect market volatility to continue.
A relatively modest rebound in SpaceX’s share price could, however, be enough to return Musk’s fortune above the $1 trillion mark.
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