Carlos Dixon
Elon Musk's net worth has fallen below the trillion-dollar threshold for the first time since SpaceX went public, with the Bloomberg Billionaires Index placing his fortune at $957 billion as of Tuesday. The decline reflects a sharp correction in SpaceX shares and additional weakness in Tesla, compounded by a broad technology selloff.
At a Glance
- Musk's net worth: $957 billion, down from above $1 trillion after SpaceX's IPO
- SpaceX shares fell more than 30% from their June 16 intraday high of $225, settling near $156 by Tuesday's close
- Monday's 16% single-day drop erased roughly $240 billion from Musk's fortune
- Tesla shed an additional 5.8% on Tuesday, piling onto existing losses
- Musk still leads the Bloomberg wealth rankings by approximately $660 billion over second-place Larry Page
The SpaceX Correction in Numbers
SpaceX priced its IPO on June 12 at $150 per share, immediately implying a valuation above $2 trillion. The stock ran to an intraday high of $225 on June 16 before reversing hard. By Tuesday's close it had settled near $156, just barely above its debut price, representing a drawdown of more than 30% from peak to trough in roughly two weeks.
The single worst session came Monday, when shares fell 16% in a single day. That one day alone wiped out approximately $240 billion of Musk's paper wealth, according to Barron's. Tuesday brought further pressure via Tesla, which declined 5.8%, adding to the sequential damage.
Concentration Risk at the Top of the Wealth Table
The composition of Musk's fortune explains why a SpaceX correction hits so hard. His SpaceX position was valued at $744 billion as of Tuesday, representing close to 80% of his total wealth. That degree of concentration in a single, recently listed and still volatile asset means relatively modest percentage moves in SpaceX stock translate into enormous absolute swings in his net worth.
His Tesla stake, valued at $158 billion, accounts for most of the remaining balance. Together the two positions make up well over 95% of the Bloomberg Index figure. Diversification, by any conventional measure, is not a feature of this portfolio.
What Is Weighing on SpaceX's Valuation
Analyst skepticism about the IPO price tag has grown louder in recent days. Critics point to a regulatory filing that disclosed SpaceX ran a $4.9 billion deficit in 2025. Its AI division alone consumed $12.7 billion in capital expenditure during the same period. For a company trading at a multi-trillion-dollar valuation, those numbers raise straightforward questions about the timeline to profitability.
The broader macro backdrop is not helping. Concerns about an AI asset bubble and rising interest rates have pressured technology stocks across the board over the past several days, and SpaceX, with its AI data center ambitions and Mars colonization roadmap, sits at the speculative end of that spectrum.
A more immediate catalyst for volatility is approaching: the lockup expiration that will allow early investors and employees to begin selling shares. How the stock absorbs that supply will be a concrete test of whether current buyers believe the valuation is grounded in near-term fundamentals or in longer-horizon optionality.
Musk vs. the Rest of the Wealth Rankings
| Rank | Person | Net Worth (approx.) | Gap to Musk |
|---|---|---|---|
| 1 | Elon Musk | $957 billion | N/A |
| 2 | Larry Page | $297 billion | approx. $660 billion |
Even after shedding trillionaire status, Musk's lead over the rest of the field is historically anomalous. Larry Page, Google's co-founder, holds the second spot at roughly $297 billion, a gap of approximately $660 billion below Musk. To put that margin in context, it exceeds twice Jeff Bezos's entire net worth, according to the Bloomberg Billionaires Index.
The scale of the year-to-date wealth accumulation is equally striking. Musk has added $338 billion to his fortune in 2026 alone. That single-year gain is larger than the total net worth of the person ranked second on the planet's wealth table.
Frequently Asked Questions
Why did Musk lose trillionaire status?
SpaceX shares fell more than 30% from their June 16 intraday high, and Tesla declined an additional 5.8% on Tuesday. Because SpaceX accounts for roughly 80% of Musk's total wealth, the correction was enough to push his Bloomberg-tracked fortune below $1 trillion.
What is SpaceX's current share price relative to its IPO price?
SpaceX debuted at $150 on June 12. After reaching $225 intraday on June 16, shares retreated to near $156 by Tuesday's close, leaving them only marginally above the IPO price after a brief and sharp run-up.
What financial risks has SpaceX disclosed?
Pre-IPO regulatory filings revealed a $4.9 billion deficit for 2025, with the AI division alone spending $12.7 billion in capital expenditure. Analysts have also flagged the approaching lockup expiration as a potential source of additional selling pressure.
How does Musk's wealth compare to other billionaires despite the drop?
His $957 billion fortune still exceeds the second-ranked Larry Page by roughly $660 billion. The 2026 year-to-date gain of $338 billion that Musk has accumulated is itself larger than Page's entire net worth.
What Comes Next for SpaceX's Market Test
The lockup expiration represents the first genuine supply-side pressure the stock will face. Until early holders can sell freely, price discovery has been limited to buyers. When that changes, the market's true conviction about a multi-trillion-dollar valuation for a company posting multi-billion-dollar deficits will become far clearer. The next few weeks will do more to settle the valuation debate than any analyst note published so far.
Alana Hill
Nicholas Weiss
