Elon Musk Falls Below $1 Trillion Again

Elon Musk is no longer a trillionaire after a sharp decline in technology stocks reduced the value of his holdings in SpaceX and Tesla.

According to the Bloomberg Billionaires Index, Musk’s fortune stood at approximately $957 billion on Tuesday, down from more than $1.1 trillion less than two weeks earlier. The drop comes shortly after he became the first person to surpass the $1 trillion wealth mark following SpaceX’s highly anticipated stock market debut.

SpaceX began trading on Nasdaq on 12 June after its initial public offering was priced at $135 per share. The stock opened at $150, valuing the aerospace company at roughly $1.77 trillion. With Musk holding an estimated 42% stake, the listing pushed his net worth beyond $1 trillion.

Investor enthusiasm initially drove SpaceX shares even higher. By 16 June, the stock had climbed to a peak of $225.64, helping lift Musk’s wealth to an estimated $1.32 trillion.

However, the rally quickly lost momentum as technology stocks came under pressure. Growing concerns about artificial intelligence spending, infrastructure costs, and persistently high interest rates triggered a broad market downturn that affected major technology companies.

SpaceX was particularly hard hit, with its share price falling more than 30% from its mid-June high to around $156. A single 16% decline on 22 June reportedly wiped out an estimated $240 billion from Musk’s personal fortune. At the same time, Tesla shares fell nearly 6%, further reducing his wealth. Musk owns roughly 12% of the electric vehicle maker.

Analysts note that such volatility is common after major public listings, especially for companies with high growth expectations. Because most of Musk’s wealth is concentrated in SpaceX and Tesla shares, fluctuations in those stocks have an outsized impact on his net worth.

Danni Hewson, head of financial analysis at AJ Bell, said investors should remain patient and avoid making decisions based solely on excitement surrounding ambitious technological developments.

Additional pressure could emerge later in July when restrictions on insider share sales begin to ease. Even so, Musk remains the world’s richest individual, and analysts point out that only a modest rebound in SpaceX shares would be needed for his fortune to exceed $1 trillion once again.