Business
Elon Musk Loses Trillionaire Status Less Than Two Weeks After Achieving the Honor
Elon Musk‘s trillionaire run didn’t last long.
The world’s richest man has tumbled out of the $1 trillion club after a stock sell-off knocked the wind out of both SpaceX and Tesla, according to an article Business Insider published, Tuesday, June 23.
The report stated that Musk, 54, is now worth $957 billion, per Bloomberg’s Billionaires Index. It’s a stunning reversal of fortune: Musk crossed the trillion-dollar threshold on Friday, June 12, just after SpaceX’s blockbuster initial public offering pushed the rocket company’s valuation past $2 trillion.
Investors piled in fast, hungry for a piece of Musk’s sci-fi ambitions. But the celebration was short-lived. Per the report, SpaceX shares closed around $156 on Tuesday — a more than a 30% nosedive from their June 16 intraday high of $225, according to the outlet. The stock is still hovering above its $150 debut price from June 12, but the freefall has wiped out a staggering amount of paper wealth in a matter of days.
The damage isn’t limited to Musk’s rocket company. According to the outlet, a broader tech sell-off, fueled by fears of an AI bubble and rising interest rates, has rattled markets across the board. Skeptics have also zeroed in on SpaceX’s eye-popping valuation and lofty promises like space-based data centers and Mars colonization, questioning whether the numbers can hold up. Looming over it all: the upcoming expiration of the company’s lockup period, when early investors get the green light to cash out.
SpaceX’s own paperwork hasn’t helped the optimism. The company’s S-1 filing ahead of the IPO revealed a $4.9 billion loss in 2025, with its AI division alone burning through $12.7 billion in capital spending, according to the article.
Still, SpaceX remains Musk’s golden goose. His stake was worth $744 billion as of Tuesday, June 23 — nearly 80% of his entire net worth, per the report. Musk’s Tesla shares, valued at $158 billion, also took a hit in the slide.
