Elon Musk’s brief run as the world’s first trillionaire has come to an end.
According to the Bloomberg Billionaires Index, Musk’s net worth has dropped to around $957 billion after reaching a record $1.32 trillion on June 16. The fall came mainly after a sharp decline in SpaceX’s valuation, which wiped an estimated $363 billion from his personal wealth.
Despite losing his trillionaire status, Musk continues to remain the richest person in the world by a wide margin.
SpaceX Boom Took Musk Past $1 Trillion
Musk’s historic jump came after SpaceX made a record-breaking market debut on June 12. The company raised $75 billion in the biggest IPO ever, pushing its valuation to nearly $1.77 trillion.
The excitement around the rocket and satellite company sent its shares soaring, with prices reaching $225.64 and briefly pushing SpaceX’s valuation close to $2 trillion.
That rally lifted Musk’s wealth above the trillion-dollar mark for the first time.
But the surge did not last long.
SpaceX Sell-Off Erases Billions
SpaceX shares have since fallen to around $156, marking a decline of nearly 31 per cent from their peak. The company suffered a major setback on Monday when shares plunged more than 16 per cent in a single session, dragging down its overall valuation.
The decline came after SpaceX announced plans to raise $25 billion through its first investment-grade bond sale. The funds are expected to support the company’s AI plans and refinance debt linked to Musk’s wider business empire, including X and AI company xAI.
S&P Global Ratings has said SpaceX is likely to remain cash-flow negative until 2029, even as revenue from Starlink and government contracts continues to fuel its expansion.
Tesla Adds More Pressure On Musk’s Wealth
Musk’s fortune has also been affected by Tesla’s performance. Shares of the electric vehicle company have fallen more than 4 per cent since June 16 and remain down over 7 per cent this year.
Still, Musk’s wealth remains far ahead of other tech billionaires. Google co-founder Larry Page is estimated to have a fortune of $297 billion, while Sergey Brin follows with $276 billion.
The next major test for SpaceX could come soon, as insider shares may become available for sale before the official lockup period ends in December, potentially adding more pressure on the stock.
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