Elon Musk loses Trillionaire status

Elon Musk has lost his trillionaire status after a steep decline in the shares of SpaceX and Tesla wiped billions from his fortune

According to the Bloomberg Billionaires Index, Musk’s net worth stood at $957 billion as of June 24, marking a significant drop from the level that briefly made him the world’s first trillionaire.

The decline follows the highly anticipated IPO of SpaceX, which pushed the company’s valuation above $2 trillion and helped propel Musk’s wealth past the trillion-dollar threshold. However, investor enthusiasm has since cooled, leading to a sharp pullback in the stock.

Although SpaceX shares closed at around $156 on Tuesday—still above their debut price of $150 on June 12—the stock experienced significant swings during trading. It fell nearly 5 percent at one point, surged more than 7 percent, and later surrendered much of those gains before the market closed.

Earlier this month, SpaceX enjoyed a remarkable rally that saw its share price climb to an intraday high of about $225. The surge briefly made the company more valuable than both Amazon and Microsoft, ranking it as the world’s fourth-largest publicly traded company.

Since then, the company has lost roughly $600 billion in market value as investors retreated from high-growth technology stocks. The selloff intensified after weakness in South Korean chipmakers revived concerns that valuations tied to the artificial intelligence boom may have become overstretched.