Elon Musk is no longer classified as a trillionaire after a steep decline in the share prices of Tesla and SpaceX erased a significant portion of his wealth. The drop came amid a broader downturn in technology stocks, which pushed the net worth of the world’s richest individual below the $1 trillion threshold.
According to the Bloomberg Billionaires Index, Musk’s net worth fell to approximately $957 billion as of June 24, 2026, marking a reduction of around $118 billion in a single day. Despite the decline, he continues to hold the top position on the global rich list by a wide margin.
Tech Stock Sell-Off Impacts Wealth
Musk’s fortune was hit as investors pulled back from technology stocks over concerns about an AI-driven market bubble and expectations of higher interest rates.
A major factor in the decline was SpaceX, whose shares have fallen sharply in recent trading sessions. The stock closed at around $156 on Tuesday, representing a drop of more than 30% from its recent peak of $225, which followed the company’s high-profile public listing earlier this month.
Tesla shares also weakened during the broader market sell-off, adding further downward pressure on Musk’s overall wealth.
Earlier this month, SpaceX’s surge in valuation had briefly pushed Musk into trillionaire status after its IPO valued the company at over $2 trillion, driven by strong investor enthusiasm around its long-term ambitions, including space-based data infrastructure and Mars exploration plans.
However, some analysts have questioned whether such valuations are sustainable, pointing to concerns about profitability and long-term financial performance.
Financial Concerns Around SpaceX
Investor sentiment has also been affected by financial disclosures indicating that SpaceX recorded a loss of $4.9 billion in 2025. The company’s AI-related operations reportedly required heavy investment, with capital expenditure reaching $12.7 billion.
Market attention is also focused on the upcoming expiry of the lock-up period, after which early investors and insiders will be allowed to sell shares. This development is seen as a potential source of additional volatility and selling pressure on the stock.
The event is widely viewed as a key test of investor confidence following the company’s blockbuster market debut.
Wealth Gap Remains Wide
Despite the decline in Musk’s fortune, he remains far ahead of other global billionaires.
Google co-founder Larry Page is currently ranked second, with an estimated net worth of around $297 billion, according to Bloomberg. Page’s wealth has also declined recently, though at a far slower pace compared to Musk.
The gap between the two highlights the scale of Musk’s holdings in Tesla and SpaceX, which continue to dominate his overall wealth profile.
Although Musk has lost his trillionaire status for now, rankings among the world’s richest individuals remain highly volatile, especially when tied to technology stock performance. Any recovery in Tesla or SpaceX shares could quickly restore his position above the trillion-dollar mark, depending on market conditions.
