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Market Crash Drags Elon Musk’s Wealth to $957 Billion
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| Market Crash Drags Elon Musk’s Wealth to $957 Billion |
NEW YORK, USA — Elon Musk’s reign as the world's first-ever trillionaire has come to an abrupt end less than two weeks after crossing the historic milestone. A brutal global stock sell-off has wiped out hundreds of billions of dollars from his paper wealth, forcing the tech and space mogul back down to the billionaire ranks.
Musk originally made history on June 12, 2026, when the blockbuster public market debut (IPO) of SpaceX on the Nasdaq exchange pushed his net worth past the symbolic $1 trillion threshold. Propelled by investor excitement, SpaceX shares rallied sharply, peaking at $225.64 on June 16 and lifting Musk's personal fortune to an unprecedented peak of $1.32 trillion. However, the post-IPO momentum derailed as mounting fears of a potential artificial intelligence (AI) market bubble and expectations of tighter U.S. Federal Reserve interest rate policies rattled Wall Street.
The reversal was staggering. SpaceX shares plunged more than 30% from their mid-June high, highlighted by a chaotic single-session drop of 16% that instantly erased roughly $240 billion from Musk's fortune. Compounding the damage, shares of Tesla also slid nearly 6%, shrinking the market value of his heavily concentrated automotive equity. According to the latest data from the Bloomberg Billionaires Index, the double-blow has dragged Musk's estimated net worth down to $957 billion. Despite the dramatic paper loss, Musk remains the wealthiest person on the planet by an incredibly wide margin, still holding a commanding $660 billion lead over his nearest rival, Google co-founder Larry Page.
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