Musk loses trillionaire status as global tech rout hits SpaceX

3 hours ago

Elon Musk lost his trillionaire status less than two weeks after achieving it, following a decline in SpaceX and Tesla share prices.
His net worth dropped to $957 billion from a peak of $1.32 trillion, influenced by a broad tech stock sell-off driven by concerns over AI profitability, capital spending, and interest rates.
SpaceX's IPO debut at $135 per share in mid-June initially valued the company at over $1.77 trillion, significantly boosting Musk's wealth due to his 42% ownership.
A sharp correction saw SpaceX shares fall over 30% from their peak, with a single-day drop of 16% erasing about $240 billion from Musk's fortune, while Tesla shares also declined.
Musk's wealth is highly concentrated in SpaceX (nearly 80% of his net worth) and Tesla, making it vulnerable to market volatility, despite him remaining the world's richest person.
Analysts note post-IPO volatility is common, but the scale reflects market hype versus reality, with potential for continued pressure as insider share sale restrictions lift in late July.
A modest recovery in SpaceX stock could restore Musk's trillionaire status, potentially making him the world's first recurring trillionaire.

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