- Elon Musk's net worth dropped to $957 billion from $1.32 trillion in June
- SpaceX's IPO raised $75 billion, valuing the company near $1.77 trillion
- SpaceX shares fell 31% from their peak, hitting around $156 recently
Elon Musk is no longer a trillionaire, less than two weeks after becoming the first person in history to cross the $1 trillion wealth mark.
According to the Bloomberg Billionaires Index, Musk's net worth has fallen to $957 billion from a peak of $1.32 trillion reached on June 16, as a sharp correction in SpaceX shares erased an estimated $363 billion from his fortune. Despite the decline, Musk remains the world's richest person by a substantial margin.
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The surge in Musk's wealth was driven by SpaceX's record Nasdaq debut on June 12. The company raised $75 billion in what became the largest initial public offering on record, valuing the rocket and satellite company at nearly $1.77 trillion.
SpaceX shares subsequently rallied to a high of $225.64, pushing the company's valuation close to $2 trillion and lifting Musk's fortune above $1 trillion for the first time.
The rally, however, proved short-lived. SpaceX shares have since retreated to around $156, down about 31% from their peak. The stock's sharp decline included a more than 16% plunge in a single session on Monday, wiping nearly $400 billion off the company's market value.
The latest bout of selling followed SpaceX's decision to raise $25 billion through its first investment-grade bond sale. Proceeds from the offering are expected to support the company's artificial intelligence ambitions and help refinance debt linked to Musk's broader business empire, including social media platform X and AI startup xAI.
According to S&P Global Ratings, SpaceX is expected to remain cash-flow negative through 2029. The company has increasingly become the financial backbone of Musk's ecosystem, with revenue from Starlink and government launch contracts helping fund expansion across affiliated ventures.
Tesla has also weighed on Musk's wealth. Shares of the electric vehicle maker have fallen more than 4% since June 16 and remain down over 7% for the year.
Even after the pullback, Musk's fortune remains far ahead of the competition. Bloomberg estimates Google co-founder Larry Page's net worth at $297 billion, followed by Sergey Brin at $276 billion.
Investors will now be watching the next key test for SpaceX stock, with insider shares potentially becoming eligible for sale as early as late July ahead of the expiry of the standard lockup period in December.
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