Chief Executive Officer of Tesla and SpaceX, Elon Musk, has slipped below trillionaire status after a steep decline in SpaceX’s share price wiped hundreds of billions off his paper fortune.
According to the Bloomberg Billionaires Index, Musk’s net worth fell to approximately $946 billion, down from over $1 trillion recorded on June 12, shortly after SpaceX’s high-profile initial public offering. The drop marks a rapid reversal in fortunes following what had been one of the most explosive market debuts in recent history.
Musk briefly entered financial history as the world’s first trillionaire after SpaceX’s IPO sent investor demand soaring and pushed his estimated wealth from around $707 billion to well above the trillion-dollar threshold within days.
However, the momentum did not last. SpaceX shares began to slide after an early surge, losing nearly 30% from their peak as investors started locking in profits and reassessing the company’s near-term valuation. The decline has since erased a significant portion of the company’s market value, dragging Musk’s net worth back below the symbolic trillion-dollar mark.
Reports indicate that SpaceX stock initially rallied as much as 67% in the first few trading sessions after listing, briefly valuing the company at more than $2.9 trillion. But that rally has since cooled, with the stock falling for multiple consecutive sessions and settling closer to the mid-$150 range, still above its IPO price but far below its peak.
The downturn was further intensified after SpaceX reportedly moved toward an investment-grade bond issuance aimed at raising at least $20 billion to support expansion in artificial intelligence and other capital-intensive projects. The announcement contributed to a sharp single-day drop of more than 16% in the share price.
Musk’s wealth is heavily tied to his estimated 38% stake in SpaceX, alongside his roughly 11% holding in Tesla and interests across several other ventures. As a result, fluctuations in SpaceX’s valuation alone are enough to swing his net worth by hundreds of billions of dollars in a short period.
Despite the recent decline, SpaceX shares remain well above their listing price, highlighting the volatility that has defined the company’s early trading history and the extraordinary scale of wealth tied to its performance.
