Elon Musk loses trillionaire status, SpaceX share slump wipes out $363 billion
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Elon Musk has lost his status as a trillionaire less than two weeks after becoming the first person in history to surpass the $1 trillion wealth mark.
According to the Bloomberg Billionaires Index, Musk's net worth has fallen to $957 billion from a peak of $1.32 trillion reached on June 16, a decline of approximately $363 billion driven largely by a sharp drop in SpaceX shares.
Despite the setback, Musk remains the world's richest person by a wide margin.
The surge in his fortune followed SpaceX's blockbuster Nasdaq debut on June 12. The company raised $75 billion in what was reported as the largest initial public offering on record, giving the aerospace and satellite company a valuation of nearly $1.77 trillion.
SpaceX shares subsequently climbed to a peak of $225.64, pushing the company's market value close to $2 trillion and lifting Musk's wealth above the trillion-dollar threshold.
The rally has since reversed. Shares have fallen to around $156, representing a decline of roughly 31 per cent from their peak. On Monday alone, the stock dropped more than 16 per cent, erasing nearly $400 billion in market value.
The latest sell-off followed SpaceX's announcement of a $25 billion investment-grade bond offering. The company said the proceeds would help fund artificial intelligence projects and refinance debt connected to Musk's wider business interests, including X and xAI.
According to S&P Global Ratings, SpaceX is expected to remain cash-flow negative through 2029.
Tesla has also contributed to the decline in Musk's wealth. Shares of the electric vehicle manufacturer have fallen more than 4 per cent since June 16 and are down over 7 per cent for the year.
Even after the drop, Musk's fortune remains substantially ahead of other billionaires. Bloomberg estimates Google co-founder Larry Page's net worth at $297 billion and Sergey Brin's at $276 billion.
Investors are now closely watching SpaceX's next major milestone, with insider shares potentially becoming eligible for sale as early as late July before the standard lockup period expires in December.