SpaceX and Tesla share declines erase $240 billion from Musk’s fortune, ending his brief trillionaire status.
Elon Musk’s net worth fell to $957 billion, dropping him below the trillionaire threshold after a broad market selloff hit SpaceX and Tesla shares. SpaceX stock closed near $156 on Tuesday, down over 30% from its June 16 intraday high of $225, while Tesla shares fell an additional 5.8%.
The decline erased roughly $240 billion from Musk’s fortune in a single day, according to estimates. SpaceX, valued at over $2 trillion during its recent IPO, remains his most valuable asset at $744 billion, accounting for nearly 80% of his wealth. Tesla’s stake, now worth $158 billion, also suffered amid broader tech sector pressure.
Concerns about an AI bubble and rising interest rates have weighed on technology stocks. Analysts have questioned SpaceX’s valuation, citing ambitious projects and a $4.9 billion deficit in 2025, with its AI division alone burning $12.7 billion.