Tesla and SpaceX CEO Elon Musk had emerged as the world’s first trillionaire following SpaceX’s much-anticipated IPO. The IPO priced the biggest-ever U.S. initial public offering at $135 per share, raising a record $75 billion on the sale of 555.56 million shares.
Musk’s trillionaire status has caused some debate, with critics including Senator Bernie Sanders and New York City Mayor Zohran Mamdani criticizing the economy for producing a trillionaire while millions of citizens face basic economic and healthcare challenges.
However, according to a Business Insider report, Musk is no longer a trillionaire after Tesla and SpaceX share prices plunged during Tuesday’s global stock sell-off. He is now worth $957 billion, according to Bloomberg’s Billionaires Index.
READ: SpaceX briefly tops Amazon, Microsoft in market value race (June 17, 2026)
SpaceX’s stock had plunged this week. Shares closed around $156 on Tuesday, down more than 30% from an intraday peak of $225 on June 16, though still more than the $150 at which shares began trading on June 12. In recent days, tech stocks have been affected amid fears of an AI bubble.
Some analysts have questioned SpaceX’s high valuation and lofty goals, which range from data centers in space to putting humans on Mars. The coming expiration of the lockup period, when early investors and shareholders can cash out their stakes, will be a major test.
SpaceX’s filing ahead of the IPO revealed that the company posted a $4.9 billion loss in 2025, with its money-losing AI segment racking up $12.7 billion in capital expenditures.
SpaceX is still Musk’s most valuable asset. His shares were worth $744 billion as of Tuesday, and accounted for nearly 80% of his net worth, according to Bloomberg. His stake in Tesla, worth $158 billion, has also been affected by the sell-off.
READ: SpaceX buys AI coding startup Cursor for $60 billion days after IPO (June 16, 2026)
The report also mentioned market fluctuations, and that Musk’s net worth can be revived if SpaceX bounces back.
However, despite the fall in his net worth, Musk remains the richest man in the world. His fortune also significantly exceeds that of the runner-up, Google co-founder Larry Page. The report notes that the gap between Elon Musk’s and Larry Page’s net worths is roughly $600 billion — more than twice Jeff Bezos’ estimated net worth.
Another Business Insider report mentioned that Musk is so rich he has “broken the rich list.” His net worth had seen a massive surge of late. In fact, Oracle co-founder Larry Ellison had briefly surpassed him in September 2025 to become the world’s richest person despite being worth less than $400 billion. The key reason for Musk’s net worth skyrocketing has been SpaceX’s soaring valuation.