Elon Musk Drops Below Trillionaire Status After SpaceX Stock Decline

Elon Musk is no longer a trillionaire.

A sharp drop in SpaceX shares pulled his estimated net worth below $1 trillion this week, according to major wealth trackers.

Flickr - Creator: TED Conference | Credit: Bret Hartman / TED Copyright: Bret Hartman

Musk became the world's first trillionaire on June 12 when SpaceX went public on the Nasdaq in the largest IPO on record.

The rocket company's stock opened at $150 per share and later climbed above $225, pushing its market value past $2 trillion at one point.

Musk's large ownership stake in SpaceX, combined with his holdings in Tesla, drove his fortune to an estimated peak of around $1.1 trillion or higher.

SpaceX shares have since fallen more than 30% from their highs amid a broader sell-off in tech stocks.

As of Tuesday's close, the decline erased significant value from the company and Musk's personal wealth.

Bloomberg's Billionaires Index put Musk's net worth at $957 billion as of June 23. Forbes reported a similar figure around $961 billion.

Musk holds roughly 41% to 42% of SpaceX, which forms the bulk of his wealth. He also owns about 20% of Tesla. New restrictions on some of his Tesla shares added to the drop in his reported fortune.

The stock movement reflects typical post-IPO volatility for a high-profile company.

SpaceX raised about $85 billion in the offering. Investors bet on its Starlink satellite internet service and future growth in space and AI-related areas. Some analysts point to the company's strong long-term prospects despite the recent pullback.

Musk's wealth has risen quickly in recent years. Forbes tracked it crossing $900 billion in early June before the SpaceX listing.

The IPO marked a historic milestone, but paper wealth tied to public markets can shift fast with share prices.

Tesla shares also faced pressure in the recent market downturn, though the company continues to lead in electric vehicles and pursue autonomous driving technology. Musk serves as CEO of both Tesla and SpaceX.

Wealth indexes like Bloomberg and Forbes update figures daily based on closing stock prices and ownership stakes. Musk remains the world's richest person by a wide margin, ahead of figures like Larry Page.

His net worth still exceeds the combined wealth of many nations' economies, but it sits below the trillion-dollar mark for now.

The episode shows how tied Musk's fortune is to the performance of his companies' stocks. SpaceX went public at a valuation that made history, but markets have adjusted since then.

Musk has not commented publicly on the latest wealth estimates in recent reports.

Traders and investors continue to watch both SpaceX and Tesla shares for signs of recovery or further moves. The companies operate in competitive sectors with ambitious goals in space travel, internet access, and vehicle technology.