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Elon Musk, the world's richest person, has lost his trillionaire status just two weeks after becoming the first person ever to surpass the $1 trillion net worth milestone. According to the Bloomberg Billionaires Index, Musk's fortune now stands at approximately $957 billion, following a sharp decline in shares of his space exploration company, SpaceX.
Musk had briefly achieved trillionaire status on June 12, 2026, when SpaceX completed the largest initial public offering in history, raising $75 billion and valuing the company at over $2 trillion. However, a dramatic selloff in SpaceX and Tesla shares has since erased hundreds of billions from his net worth.
How Musk Lost His Trillionaire Status
SpaceX shares (ticker: SPCX) debuted on the Nasdaq at $135 per share and surged nearly 20% on the first day, closing at $161. The stock continued to rally, reaching an all-time high of $225.64 on June 16, briefly pushing SpaceX's market capitalization close to $3 trillion. But the rally quickly reversed. By June 23, SpaceX shares had fallen below their debut price for the first time, dropping to $149 in intraday trading before closing around $156. The decline represents a nearly 34% slide from the peak, wiping roughly $1 trillion from SpaceX's market value.
On the worst single day, SpaceX shares plunged 16.43%, erasing approximately $400 billion from the company's market cap and $240 billion from Musk's personal wealth. That single-day loss is the second-largest ever for a company, surpassed only by Nvidia's record drop in early 2025. Tesla shares also fell an additional 5.8% during the same period, compounding Musk's losses.
Why Did SpaceX and Tesla Stocks Fall?
Broader Market Concerns
The selloff occurred amid a broader technology sector downturn driven by several factors:
- Expected Federal Reserve rate hikes: The U.S. central bank, under its new chair, signaled potential interest rate increases to curb inflation, which typically pressures high-growth tech stocks.
- AI bubble fears: Investors grew anxious about overvaluation in the artificial intelligence sector, with concerns that spending on AI infrastructure may not yield near-term returns. SpaceX itself spent $12.7 billion on AI initiatives in 2025.
- Valuation questions: SpaceX posted a $4.9 billion deficit in 2025 on $18.7 billion in revenue, raising questions about its $2 trillion+ valuation. Only its Starlink segment (61% of revenue) is profitable.
SpaceX-Specific Factors
SpaceX's relatively low float of publicly traded shares makes its stock price particularly volatile. The company also announced a bond sale to repay a bridge loan as it pursues Musk's ambitious goals, including sending humans to Mars. Additionally, concerns about corporate governance—Musk holds 82% voting power despite owning 36% of equity—have weighed on investor sentiment.
The tech selloff echoed broader trends seen earlier in 2025 when Chinese AI startup DeepSeek triggered panic in tech stocks. The 2025 AI market correction had already made investors cautious about lofty valuations in the sector.
Musk Remains the World's Richest Person
Despite losing the trillionaire milestone, Musk remains the wealthiest person on Earth by a wide margin. His net worth of $957 billion is still more than three times that of the second-richest person, Google co-founder Larry Page, whose fortune is estimated at approximately $297 billion. Musk's wealth has increased by $338 billion since January 2026 alone.
Musk's fortune is heavily concentrated in his SpaceX stake (worth about $744 billion, representing roughly 80% of his total wealth) and his Tesla stake (worth about $158 billion). The volatility of these holdings means Musk could regain trillionaire status quickly if shares rebound. Market analysts note that with SpaceX shares still up nearly 30% from the IPO price, the recent decline may represent a healthy correction rather than a fundamental shift.
The volatility of billionaire net worth is not new for Musk. In 2022, he became the first person to lose $200 billion in a single year, a record recognized by Guinness World Records. In December 2024, his net worth surpassed $400 billion for the first time, only to drop by $126 billion between December 2024 and March 2025 due to political controversies tied to the Trump administration.
Impact on the Market and Future Outlook
The SpaceX selloff has sent ripples through the broader market. Analysts at Morningstar have cautioned against trading SpaceX shares given the company's all-stock deal for AI startup Cursor and governance risks. However, the IPO has also democratized access to the commercial space economy, with 30% of shares allocated to retail brokerages like Robinhood, Fidelity, and Charles Schwab.
Prediction markets now favor Nvidia CEO Jensen Huang (50% odds) as the next trillionaire, followed by Meta's Mark Zuckerberg (23% odds). But given the history of Musk's wealth fluctuations, few would bet against him reclaiming the title.
Frequently Asked Questions
How did Elon Musk become a trillionaire?
Musk became the world's first trillionaire on June 12, 2026, when SpaceX completed its initial public offering. The IPO raised $75 billion at a valuation exceeding $2 trillion. Musk owns approximately 36% of SpaceX equity, and the surge in share price pushed his net worth above $1 trillion for the first time.
How much money did Elon Musk lose?
Musk lost approximately $240 billion in a single day on June 23, 2026, when SpaceX shares plunged 16.43%. The total decline from his peak net worth of $1.32 trillion to the current $957 billion represents a loss of about $363 billion.
Is Elon Musk still the richest person in the world?
Yes, Musk remains the richest person in the world with an estimated net worth of $957 billion. The second-richest person, Larry Page, has a net worth of approximately $297 billion, meaning Musk is still more than three times wealthier than anyone else.
Could Elon Musk become a trillionaire again?
Yes, market analysts believe Musk could regain trillionaire status quickly if SpaceX or Tesla shares rebound. The stock market is highly volatile, and SpaceX shares are still up nearly 30% from their IPO price of $135. Musk's net worth has fluctuated dramatically in the past, and similar recoveries have occurred.
What caused the SpaceX stock drop?
The drop was caused by a combination of broader market concerns (expected Federal Reserve rate hikes, AI bubble fears) and SpaceX-specific issues (valuation questions after a $4.9 billion loss in 2025, governance concerns, and a bond sale announcement). The relatively low float of SpaceX shares amplified the volatility.
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