Elon Musk is no longer a trillionaire.
Less than two weeks after becoming the first person in history to surpass a $1 trillion net worth, the Tesla and SpaceX chief has seen his fortune plunge below the milestone following a sharp downturn in technology stocks.
According to the Bloomberg Billionaires Index, Musk’s wealth fell to an estimated $957 billion on Tuesday, down from about $1.11 trillion less than 14 days earlier.
The dramatic reversal came after investors dumped high-growth technology stocks amid mounting concerns over artificial intelligence spending, rising infrastructure costs and stubbornly high interest rates.
Musk had crossed the trillion-dollar threshold on June 12 after SpaceX’s blockbuster debut on the Nasdaq. The rocket company’s shares were priced at $135 and opened at $150, giving SpaceX a valuation of more than $1.77 trillion.
As SpaceX stock surged in the days that followed, Musk’s net worth peaked at roughly $1.32 trillion on June 16.
But the rally quickly lost momentum.
SpaceX shares have since fallen more than 30% from their mid-June highs, dropping to around $156. A steep 16% decline on June 22 alone reportedly erased about $240 billion from Musk’s paper fortune.
Tesla shares also added to the pressure, sliding nearly 6% the following day.
Despite the setback, Musk remains the world’s richest person by a wide margin.
His wealth is unusually exposed to market swings because it is heavily concentrated in just two companies. SpaceX accounts for nearly 80% of his fortune, while Tesla makes up most of the remainder.
Market analysts say the volatility is typical for newly listed high-growth companies, though the scale of the decline highlights growing investor concerns about whether expectations surrounding AI and future technologies have become too optimistic.
“For a stock like SpaceX, much of the enthusiasm was driven by expectations of major breakthroughs in space exploration,” said Danni Hewson, head of financial analysis at AJ Bell. “But investing still requires patience and a clear-eyed view of risk, regardless of the size of the opportunity.”
Even so, Musk’s return to trillionaire status may not be far away.
With SpaceX still trading well above its IPO price, analysts note that a relatively modest rebound of around 6% in the company’s shares could push his fortune back above the $1 trillion mark, potentially making him the world’s first recurring trillionaire.
