Elon Musk loses trillionaire status as SpaceX and Tesla stock drops

Elon Musk was no longer a trillionaire by the time markets closed on Wednesday. Plunging shares in Tesla and SpaceX dragged the tech magnate down to billionaire status. As of 4pm ET, Forbes listed Musk’s net worth as $970.2bn.

Musk reached trillionaire status on 12 June after SpaceX’s historic initial public offering. The rocket, satellite and AI company’s debut on the stock market made Musk the first person with a net worth of more than $1tn. His fortune continued to hover around that gigantic figure in the weeks following the initial public offering (IPO).

A global stock selloff this week led to sharp declines for major tech stocks and dealt a blow to Musk’s wealth, however, as investor concerns that the Federal Reserve will potentially raise interest rates and looming fears of an AI bubble rattled the market.

Companies whose values were heavily linked to the AI boom, including Google’s parent, Alphabet, and chipmakers such as Samsung, were hit especially hard.

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https://www.theguardian.com/technology/2026/jun/24/elon-musk-trillionaire-spacex?utm_source=dlvr.it&utm_medium=bluesky&CMP=bsky_gu