Elon Musk is no longer a trillionaire after a major drop in technology stocks reduced the value of his holdings in SpaceX and Tesla.
According to the latest Bloomberg Billionaires Index, Musk’s net worth fell to approximately $957 billion on Tuesday. Less than two weeks earlier, his fortune had exceeded $1 trillion, making him the first person in history to reach that milestone.
Historic Milestone Quickly Reversed
Musk entered the trillionaire club on 12 June after SpaceX made its highly anticipated stock market debut on the Nasdaq exchange.
The company launched its initial public offering at $135 per share. Investor demand pushed the opening price to $150, giving SpaceX a market valuation of more than $1.77 trillion.
Because Musk owns around 42% of SpaceX, the company’s successful listing increased his personal fortune dramatically. A few days later, SpaceX shares climbed to a record high of $225.64, pushing Musk’s net worth to nearly $1.32 trillion.
Tech Sell Off Hits Major Companies
The rally did not last long.
Investors began questioning whether artificial intelligence companies could generate enough profits to justify massive spending on infrastructure and technology. At the same time, high interest rates continued to create pressure across financial markets.
As a result, technology stocks faced heavy selling. Several major companies, including Nvidia, Intel, and AMD, experienced sharp declines.
SpaceX shares suffered significant losses during the market correction. The stock dropped more than 30% from its mid June peak and traded near $156.
Billions Wiped From Musk’s Fortune
One of the biggest setbacks came on 22 June when SpaceX shares fell 16% in a single trading session.
That decline alone removed an estimated $240 billion from Musk’s personal wealth.
The losses increased when Tesla shares dropped nearly 6% the following day. Musk owns about 12% of Tesla, making the company’s performance another key factor in his overall net worth.
Why Musk’s Wealth Changes So Quickly
Unlike many wealthy investors, Musk keeps most of his fortune tied to a small number of companies.
SpaceX accounts for almost 80% of his wealth, while Tesla represents another major portion. Because of this concentration, large movements in either stock can dramatically affect his net worth.
Financial experts say this type of volatility is common after a major public listing. However, the scale of the recent decline highlights the ongoing battle between investor excitement and real business performance.
Still the World’s Richest Person
Although Musk lost his trillionaire status, he remains the richest person in the world.
His fortune continues to exceed that of other billionaires by a substantial margin. Future movements in SpaceX and Tesla shares will likely determine whether he can regain the trillion dollar mark in the coming months.
