Elon Musk no longer a trillionaire as SpaceX, Tesla shares decline

Elon Musk is no longer a trillionaire after a sharp fall in the share prices of Tesla and SpaceX wiped billions from his fortune. The world's richest person saw his net worth drop below the $1 trillion mark following a broader sell-off in technology stocks.

According to Bloomberg's Billionaires Index, Musk's net worth stood at around $957 billion as of June 24, 2026, a decline of about $118 billion from the previous day. Despite the setback, he remains comfortably ahead of everyone else on the global rich list.

SHARE MARKET SELL-OFF HITS MUSK'S WEALTH

The decline in Musk's fortune came after investors sold technology stocks amid concerns about an artificial intelligence-driven market bubble and the possibility of higher interest rates.

The biggest blow came from SpaceX, whose shares have fallen sharply in recent days. The stock closed at around $156 on Tuesday, more than 30% below its peak of $225 reached shortly after the company's highly anticipated public listing earlier this month.

Tesla shares have also been affected by the wider market weakness, further adding to the pressure on Musk's wealth.

Here, it must be mentioned that SpaceX had briefly pushed Musk into trillionaire territory earlier this month after its initial public offering valued the company at more than $2 trillion.

The strong rally in SpaceX shares after its market debut was driven by investor excitement around the company's ambitious long-term plans, including space-based data centres and future missions to Mars.

However, some analysts have questioned whether the company's valuation can be justified at current levels.

Investor concerns have also been fuelled by financial disclosures showing that SpaceX reported a loss of $4.9 billion in 2025. Its artificial intelligence business reportedly spent heavily on expansion, with capital expenditure reaching $12.7 billion.

Market participants are also closely watching the upcoming expiry of the lock-up period. Once restrictions are lifted, early investors and insiders will be able to sell some of their shares, which could create additional pressure on the stock price.

The event is expected to be an important test of investor confidence in the company following its blockbuster listing.

LARRY PAGE REMAINS A DISTANT SECOND

While Musk's fortune has fallen, he still remains far ahead of the world's second-richest person.

Google co-founder Larry Page is currently estimated to be worth around $297 billion, according to Bloomberg. His wealth also declined recently, though by a much smaller amount.

The gap between Musk and Page remains enormous, highlighting the scale of Musk's holdings in both Tesla and SpaceX.

Although Musk has lost his trillionaire status for now, wealth rankings can change rapidly, particularly when they are tied to volatile technology stocks.

If SpaceX and Tesla shares recover in the coming weeks, Musk's fortunes could rebound just as quickly. For now, however, the market sell-off has pushed the world's richest person back below the trillion-dollar milestone.