Elon Musk’s net worth declined to $946 billion after Tesla and SpaceX stock sell-offs erased his trillionaire status.
Elon Musk’s net worth fell to $946 billion on June 24, dropping below the $1 trillion mark for the first time in two weeks. The decline followed a sell-off in Tesla (TSLA) and SpaceX shares, with Tesla’s recent drop more pronounced.
Musk had briefly become the world’s first trillionaire after SpaceX’s record $85.7 billion IPO on June 12. The company raised $75 billion initially, later expanding to $85.7 billion with overallotment options. Despite the dip, Musk remains the richest person globally, with $650 billion more than the second-ranked Larry Page.
SpaceX identified a total addressable market of $28.5 trillion, underscoring its growth ambitions. Musk’s net worth has still risen by $326 billion this year, exceeding the total wealth of any other individual.