Musk Loses Trillionaire Title as SpaceX Shares Tumble

He won’t be eating ramen noodles and a can of tuna anytime soon, but Elon Musk is no longer a trillionaire.The CEO of Tesla and SpaceX has returned to the status of a mere billionaire. His historic run as the world’s first trillionaire lasted less than two weeks. A sharp sell-off in SpaceX and Tesla shares has pushed his fortune back below the $1 trillion mark, ending one of the briefest milestones in financial history.According to the Bloomberg Billionaires Index, Mr. Musk’s net worth fell to roughly $957 billion on Tuesday, down from a peak of $1.32 trillion just days earlier. Despite the loss, he remains comfortably the world’s richest person, far ahead of rivals like Jeff Bezos and Google’s Larry Page and Sergey Brin.Mr. Musk first crossed the trillion-dollar threshold on June 12, when his rocket company SpaceX made its long-awaited debut on the Nasdaq. Priced at $135 per share, the stock opened at $150 and surged to a peak of $225.64 by June 16. The rally valued SpaceX at well over $1.77 trillion and, because Mr. Musk owns roughly 42 percent of the company, instantly lifted his paper fortune past $1 trillion.The euphoria didn’t last. Growing doubts over the long-term profitability of artificial intelligence triggered a broad technology sell-off, hitting giants like Nvidia, Intel, and AMD. SpaceX bore the brunt of the correction, plunging more than 30 percent from its mid-June high to around $156.On Monday, June 22, a single 16 percent drop erased an estimated $240 billion from Mr. Musk’s balance sheet. A day later, Tesla shares slid nearly 6 percent, compounding the damage.Mr. Musk’s fortune is uniquely exposed because it is concentrated in just two companies. SpaceX alone accounts for nearly 80 percent of his total net worth, meaning the rocket maker’s fate is tightly bound to his own.Analysts say the volatility is typical for newly listed growth firms, though its scale reflects a deeper struggle between investor enthusiasm and business fundamentals.“For a stock like SpaceX, a lot of decision making might have been emotional and based on the anticipation of huge leaps forward in space exploration and utilization, but investing should be something treated with clear eyes and patience, even when such huge numbers are involved,” the head of financial analysis at AJ Bell, Danni Hewson, told the BBC.With insider selling restrictions set to lift in late July, further pressure may follow. Yet a modest 6 percent rebound in SpaceX would restore Mr. Musk’s 13-figure status — potentially making him the world’s first recurring trillionaire.

Musk Loses Trillionaire Title as SpaceX Shares Tumble

Musk Loses Trillionaire Title as SpaceX Shares Tumble

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