Elon Musk is no longer a trillionaire. The Bloomberg Billionaires Index puts his fortune at $957 billion, a figure reflecting steep drops in both SpaceX and Tesla $TSLA shares during a broad market selloff.
By Tuesday's close, SpaceX shares had settled near $156 — a retreat of more than 30% from the $225 intraday high reached on June 16. A 16% single-day plunge on Monday erased roughly $240 billion from Musk's fortune, according to Barron's. Tesla stock fell an additional 5.8% on Tuesday, adding to the damage.
The $150 opening price from its June 12 debut still sits below where the stock is trading now. The selloff proved sufficient to cost Musk the trillionaire standing he had achieved when SpaceX went public earlier this month at a valuation exceeding $2 trillion.
SpaceX stock remains Musk's most valuable asset. As of Tuesday, that SpaceX position was valued at $744 billion, representing close to 80% of Musk's overall wealth. His Tesla stake, worth $158 billion, has also been hurt by the broader selloff.
Concerns about an AI bubble and rising interest rates have weighed on technology stocks over the past several days. Questions from analysts about whether SpaceX's price tag is justified have also surfaced, with skeptics pointing to ambitious plans ranging from orbital data centers to Mars colonization.
Documents filed with regulators before the IPO disclosed that SpaceX ran a $4.9 billion deficit in 2025; its AI division alone burned through $12.7 billion in capital spending. How the stock holds up once early investors and employees are free to offload shares — a deadline that is fast approaching — will serve as a significant gauge of market confidence.
Despite the decline, Musk's fortune still far exceeds that of the second-richest person. The nearest rival on the wealth rankings is Google $GOOGL co-founder Larry Page, whose $297 billion fortune trails Musk's by roughly $660 billion — a margin that amounts to more than twice Jeff Bezos's entire net worth, according to the Bloomberg Billionaires Index. The $338 billion Musk has added to his fortune in 2026 alone outstrips the total wealth of the world's second-richest person.