Elon Musk Loses Trillionaire Status as Tech Market Sell-Off Hits Fortune

A major downturn in global technology stocks has pushed Elon Musk below the trillion-dollar wealth mark, causing him to lose his status as the world's first trillionaire.

Musk had reached the historic milestone just days earlier following the highly anticipated stock market debut of his space company, SpaceX. The surge in SpaceX’s valuation briefly pushed his net worth above $1 trillion, making him the first person in history to cross that threshold.

According to the Bloomberg Billionaires Index, Musk’s net worth has fallen to around $957 billion, down from a peak of approximately $1.32 trillion earlier this month.

The decline was driven by a broad sell-off across technology stocks, fueled in part by renewed investor concerns over the long-term profitability and valuation of the artificial intelligence (AI) sector. The market pressure affected several major technology companies, including Musk’s SpaceX and Tesla.

SpaceX made its highly anticipated debut on the Nasdaq on June 12, with its shares priced at $135 each. The stock quickly climbed after trading began, pushing the company’s market valuation to around $1.77 trillion. Musk’s large ownership stake in SpaceX significantly boosted his personal wealth, taking it above the trillion-dollar mark.

The rally continued for several days, and SpaceX shares reportedly reached their highest level on June 16, lifting Musk’s fortune even further. However, the gains were short-lived as investors began selling technology stocks amid broader market uncertainty.

SpaceX shares later dropped more than 30 percent from their mid-June peak, while Tesla shares also declined, adding further pressure to Musk’s net worth. The fall in SpaceX’s valuation alone wiped out hundreds of billions of dollars from Musk’s paper wealth.

Despite the sharp decline, Musk remains the world’s richest person, with a fortune still significantly ahead of other billionaires. Market analysts say that even a moderate recovery in SpaceX’s share price could push him back above the trillion-dollar mark.

If that happens, Musk could potentially become the world’s first “repeat trillionaire,” having crossed the historic threshold more than once.