The fortune of tech billionaire Elon Musk has dropped below the $1 trillion mark after a recent downturn in the stock performance of SpaceX and Tesla significantly reduced his wealth.
Bloomberg’s Billionaires Index estimates Musk’s net worth at $957 billion as of June 24, weeks after he made history as the first person to reach trillionaire status following SpaceX’s blockbuster stock market debut.
The aerospace company’s IPO had sparked a massive rally, pushing its valuation beyond $2 trillion and driving Musk’s fortune to unprecedented levels. However, investor sentiment has since weakened, triggering a sharp decline in the company’s market value.
SpaceX shares ended Tuesday’s trading session at approximately $156, slightly above their June 12 debut price of $150. Despite that gain, the stock experienced intense volatility throughout the day, swinging between losses and gains before settling near the close.
Earlier in June, SpaceX shares soared to an intraday peak of around $225, briefly elevating the company above Amazon and Microsoft in market value and making it the fourth-largest publicly traded company in the world.
That momentum has since faded, with the company reportedly losing about $600 billion in value over the past week. Analysts have linked the selloff to broader concerns in the technology sector, particularly fears that companies benefiting from the artificial intelligence boom may have become overvalued.
The concerns intensified after declines in South Korean semiconductor stocks renewed doubts about whether AI-related valuations can continue to justify their rapid growth.
