Elon Musk, the world’s richest person, is no longer a trillionaire as his net worth dropped just after 12 days.
Plunging shares in Tesla and SpaceX dragged the tech giant down to billionaire status on Wednesday, June 24.
Musk reached trillionaire status on 12 June after SpaceX’s historic initial public offering.
The rocket, satellite and AI company’s debut on the stock market made Musk the first person with a net worth of more than $1tn.
His fortune continued to hover around that gigantic figure in the weeks following the initial public offering (IPO).
Elon Musk net worth:
Since then, shares linked to SpaceX have fallen significantly, while Tesla stock, another major component of Musk’s wealth, has also declined, pulling his overall fortune down.
According to Forbes, Musk’s net worth currently stands at approximately $970 billion.
How Elon Musk lost trillionaire status?
The drop comes amid broader volatility in technology markets, with investor concerns over potential interest rate hikes by the US Federal Reserve and fears of an emerging “AI bubble” weighing on high-growth tech stocks.
Companies closely tied to the artificial intelligence boom, including Alphabet and major semiconductor manufacturers such as Samsung, have also seen pressure on their valuations.
SpaceX's recent market debut, which was described as one of the largest in history, initially boosted Musk's wealth dramatically.
The company reportedly raised around $75 billion in the offering, with its shares jumping 19% in early trading before later easing to around $154 per share.
Despite the decline, Musk remains by far the world's richest individual. The next closest billionaire, Google co-founder Larry Page, has an estimated net worth of about $284 billion.
Can Musk become trillionaire again?
Musk's wealth is largely tied to equity holdings rather than liquid assets, making it highly sensitive to market fluctuations. Analysts note that such volatility means his trillionaire status could return quickly if Tesla or SpaceX shares rebound.
Even after the recent drop, Musk's wealth has grown dramatically over the past year, underscoring the extreme speed at which his fortune has expanded amid the ongoing tech and Al-driven market cycle.
Market analysts note that post-IPO volatility is entirely standard for highly valued growth firms, though the scale of the movement reflects a deeper competition between hype and reality.
Danni Hewson, head of financial analysis at AJ Bell noted, “For a stock like SpaceX, a lot of decision making might have been emotional and based on the anticipation of huge leaps forward in space exploration and utilisation, but investing should be something treated with clear eyes and patience, even when such huge numbers are involved.”
Although no longer a trillionaire, Musk is easily still the world’s richest person. The next wealthiest billionaire is the Google co-founder Larry Page, whose net worth is about $284bn.
Musk made more money than Page’s entire fortune this year alone, increasing his net worth by $338bn since January.
