Elon Musk delivers an inspiring speech at the SpaceX IPO event, sharing his initial doubts about the company’s success but emphasizing the importance of making life multi-planetary and creating an exciting future for everyone.
Elon Musk is no longer worth more than $1 trillion, less than two weeks after becoming the first person to reach the milestone.
Musk’s net worth was valued at $946 billion as of Wednesday, according to the Bloomberg Billionaires Index. That is down from about $1.11 trillion less than 14 days earlier.
The drop came after shares of SpaceX and Tesla fell during a broader tech sell-off. Investors have become more cautious about the long-term profitability of artificial intelligence.
Musk remains the world’s richest person by a wide margin. As of Wednesday, Larry Page ranked second at $296 billion, followed by Sergey Brin at $275 billion, Jeff Bezos at $257 billion and Michael Dell at $223 billion, according to the Bloomberg Billionaires Index.
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Musk remains the world’s richest person by a wide margin. (Robin Legrand/AFP via Getty Images)
SpaceX priced its IPO at $135 per share and began trading at $150 on June 12. The debut helped push Musk’s net worth above $1 trillion.
At the IPO price, the listing valued SpaceX at more than $1.77 trillion. Musk owned about 42% of the company, and his SpaceX stake, combined with his Tesla holdings and other assets, put his net worth at more than $1 trillion.
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Bret Johnsen, chief financial officer of SpaceX, center left, and Gwynne Shotwell, president of SpaceX, center, during the company’s IPO at the Nasdaq MarketSite in New York, on June 12, 2026 (Michael Nagle/Bloomberg via Getty Images)
SpaceX shares later rose as high as $225.64 on June 16. That lifted Musk’s net worth to about $1.32 trillion.
But the gains did not last. SpaceX shares fell more than 30% from their June peak during the tech sell-off. On June 22, the stock dropped 16%, wiping about $240 billion from Musk’s fortune.
Tesla shares fell nearly 6% the next day, adding to the loss.
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A Tesla Cybertruck drives past a SpaceX Falcon 9 rocket displayed outside a Space Exploration Technologies Corp. facility in Hawthorne, California, on June 8, 2026. (AFP via Getty Images)
Founded by Musk in 2002, SpaceX has grown into the world’s largest space company and a dominant force in commercial launch services.
The company pioneered reusable rocket technology, helping lower launch costs and reshape the economics of the space industry. It has also become a key contractor for NASA and the U.S. government through civil and national security missions.
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FOX Business’ Bradford Betz and Eric Revell contributed to this report.
