Antonio Griffin
Elon Musk is no longer a trillionaire. A brutal two-day selloff in tech stocks has erased roughly $500 billion from his net worth, pushing his fortune below the $1 trillion mark just weeks after he became the first person in history to cross it.
At a Glance
- Musk's net worth fell to $957.1 billion, per Bloomberg analysis, after peaking at $1.45 trillion last week according to Forbes.
- SpaceX shares dropped around 30 percent from their post-IPO peak, and Tesla fell 5.8 percent on Tuesday alone.
- The weekly decline in Musk's fortune exceeds the entire wealth of the world's second-richest person, Larry Page, at just under $297 billion.
- The drop is the largest single-week loss in personal wealth ever recorded.
- Goldman Sachs warned this week that AI-linked stocks have grown vulnerable to any slowdown in big-tech spending.
From History-Making High to Sub-Trillion in Days
Musk reached the trillion-dollar threshold on June 12, riding the extraordinary momentum of SpaceX's stock market debut. The rocket company's shares surged as much as 67 percent in their opening three days, capping an initial public offering that valued SpaceX at more than $1.8 trillion. At its peak the company briefly commanded a market capitalization of $2.9 trillion.
The euphoria didn't last. SpaceX shares then fell for three straight sessions, shedding roughly $928 billion in market value before stabilizing just above $2 trillion. Even a 1 percent bounce on Tuesday couldn't offset the broader damage to Musk's balance sheet.
Tesla and the Wider Tech Rout
Tesla compounded the pain. More than $89 billion was wiped from the electric-vehicle maker's market cap in a single session Tuesday as its shares dropped 5.8 percent. Nvidia, currently the world's most valuable public company, slid 4.1 percent on the same day.
The immediate catalyst for anxiety was Micron, the AI chip business worth roughly $1 trillion, which was set to report its third-quarter results later in the week. Micron's stock sank 13.2 percent on Tuesday as investors grew nervous that AI sector valuations have stretched well past what fundamentals can support. Goldman Sachs added fuel to that concern, cautioning that the entire cluster of AI-adjacent stocks now sits exposed to any credible signal that tech giants are pulling back on spending.
A Fortune Built on SpaceX, Tesla and Beyond
Musk's wealth is spread across several holdings. His 38 percent stake in SpaceX is the largest single component, complemented by an 11 percent stake in Tesla and ownership positions in a collection of other startups. That diversification has historically cushioned him from single-company blowups, but it also means a broad tech rout hits him on multiple fronts simultaneously.
The current weekly decline already surpasses his previous record: in 2022, his fortune fell by an estimated $165 billion as Tesla shares collapsed, a drop that at the time was the largest ever suffered by a single individual. He now holds both the record for biggest gain and biggest loss in personal wealth within roughly a decade.
Larry Ellison, the 81-year-old Oracle founder, has faced a parallel reversal. His net worth peaked near $400 billion last September and has since fallen to around $210 billion following a major selloff in Oracle's stock.
Frequently Asked Questions
When did Elon Musk become a trillionaire?
Musk crossed the trillion-dollar threshold on June 12, propelled by SpaceX's record-breaking IPO and the subsequent frenzy of buying that sent the company's shares up as much as 67 percent in three days.
What is Elon Musk's net worth now?
Bloomberg analysis put his net worth at $957.1 billion as of Tuesday. Forbes had estimated his peak wealth last week at $1.45 trillion before the tech selloff began.
Why did Musk lose so much money so quickly?
SpaceX shares fell around 30 percent from their peak, while Tesla dropped sharply in a broad tech selloff driven by fears that AI-related valuations have become overstretched. Because his wealth is heavily concentrated in both companies, losses in each compound quickly.
Is this the largest personal wealth loss in history?
Yes, according to available records. The roughly $500 billion decline over the past week surpasses his own previous record of an estimated $165 billion loss in 2022, itself the biggest ever at that time.
What Comes Next for Musk's Fortune
Traders warned this week that the selloff could resume, particularly if Micron's results or any subsequent guidance from major tech companies signal a genuine slowdown in AI infrastructure spending. SpaceX's stock remains well above its IPO price despite the pullback, so Musk's position is not structurally broken. Whether his net worth climbs back above $1 trillion depends largely on sentiment toward AI and the performance of Tesla, both of which remain unsettled heading into the coming weeks.
