Elon Musk has fallen below the $1 trillion wealth threshold he crossed less than two weeks ago, after a sharp retreat in SpaceX and Tesla shares pulled his net worth down to $957bn, according to the Bloomberg Billionaires Index.
Musk made history on June 12 when SpaceX listed on the Nasdaq at $135 per share, opening at $150. The IPO valued the rocket and satellite company at more than $1.77 trillion, and because Musk held roughly 42 per cent of the firm, the listing immediately pushed his paper fortune past the $1 trillion mark. Investor enthusiasm carried SpaceX shares to a peak of $225.64 by June 16, lifting his total net worth to $1.32 trillion at its high.
The reversal has been swift. A wider technology sell-off, driven by concerns over AI infrastructure costs, capital spending, and stubborn interest rates, hit high-profile names including Nvidia, Intel, and AMD.
SpaceX bore the sharpest correction, falling more than 30 per cent from its mid-June peak to trade around $156. On June 22 alone, a 16 per cent single-day drop erased an estimated $240 billion from Musk’s personal balance sheet. Tesla shares followed, sliding nearly 6 per cent the following day. Musk holds about 12 per cent of Tesla’s outstanding shares.
The concentration of his wealth makes him unusually exposed to these moves. SpaceX accounts for nearly 80 per cent of his total net worth, with Tesla making up most of the remainder.
The sell-off may not be over. Insider lock-up restrictions are due to lift in late July, which could add further selling pressure to SpaceX shares.
That said, a 6 per cent recovery in the stock would, on current calculations, restore Musk’s 13-figure status — making him, as Bloomberg noted, a candidate to become the world’s first recurring trillionaire. He remains, for now, the world’s wealthiest person.
