Elon Musk Loses Trillionaire Status After SpaceX Stock Plunge

Elon Musk lost his status as the world's first trillionaire within two weeks of achieving the milestone in June 2026. After Space Exploration Technologies Corp. launched a historic IPO on June 12, Musk's net worth peaked between $1.32 trillion and $1.45 trillion by June 16. However, a sharp market rout drove his wealth down to estimates between $946 billion and $962 billion by late June.

The decline was primarily driven by a 30% plunge in SpaceX shares from a peak of $225.64, erasing roughly $1 trillion in market value. Investor confidence was shaken by a CCC ESG rating from MSCI, a reported $4.9 billion loss in 2025, and the announcement of a $20 billion to $25 billion bond issuance to fund AI ambitions and refinance bridge loans used for the merger of xAI and X. A broader tech sector sell-off, triggered by weak revenue guidance from Accenture and AI bubble concerns, further impacted both SpaceX and Tesla stock.

Additional factors contributing to the loss included restrictions on $116 billion of Tesla shares and the relinquishing of $7.1 billion in shares to fund options. Despite the volatility, Musk remains the wealthiest person in the world, maintaining a significant lead over Larry Page and other tech executives. To offset some volatility, SpaceX recently acquired AI startup Cursor for $60 billion and signed a computing agreement with Reflection AI worth up to $6.3 billion.