Elon Musk’s run as the world’s first trillionaire has come to an abrupt end, just two weeks after it began, following a historic sell-off in tech shares that wiped approximately $500 billion from his fortune .
According to the Bloomberg Billionaires Index, Musk’s net worth now stands at $957.1 billion, down from a peak of $1.32 trillion reached on June 16.
The dramatic reversal came just days after Musk made history on June 12 when SpaceX’s record-breaking initial public offering pushed him past the trillion-dollar mark .
SpaceX Stock Plunge Drives Decline
The primary driver of the collapse was a sharp correction in SpaceX shares, which have plummeted more than 30% from their June 16 peak of $225.64 . The stock closed around $156 on Tuesday, having briefly dipped below its $150 IPO opening price before recovering .
SpaceX, which had surged nearly 67% above its IPO price of $135 in the days following its historic debut, has shed approximately $928 billion in market value since its peak . The company is now valued at roughly $2 trillion, dropping from its brief position as the world’s fourth most valuable public company behind Amazon and Microsoft .
Musk’s approximately 38% stake in SpaceX remains his most valuable asset, worth about $744 billion as of Tuesday—accounting for nearly 80% of his total net worth .
Tesla Adds to the Losses
Tesla also contributed significantly to the decline, with shares falling 5.53% on Tuesday to close at $382.63 . The electric vehicle maker has now dropped approximately 23.3% from its 52-week high of $498.83 reached in December .
Tuesday’s sell-off was triggered partly by a fresh federal safety probe into Tesla’s driver-assistance software following a fatal crash near Houston. The National Highway Traffic Safety Administration opened a special investigation after a Model 3, reportedly operating on automated driving software, struck a home and killed a 76-year-old woman. Tesla has pushed back, with Musk and Autopilot chief Ashok Elluswamy stating that vehicle data shows the driver floored the accelerator to 73 mph before impact .
Scale of Loss Staggering
The scale of Musk’s one-week loss is unprecedented—exceeding the entire fortune of the world’s second-richest man, Google co-founder Larry Page, whose net worth stands at just under $297 billion . The gap between Musk and Page remains more than $660 billion .
In comparison, Musk’s $500 billion decline dwarfs Nigeria’s entire 2026 federal budget of approximately $30 billion.
Broader Tech Selloff
The decline reflects growing concerns across the tech sector that AI-linked stocks have become vulnerable to any signs of slowdown in spending by major tech giants . Goldman Sachs cautioned this week that valuations in the sector are susceptible to such risks .
Larry Ellison also felt the reversal—his Oracle-linked fortune dropped from a peak of $400 billion in September 2025 to approximately $210 billion on Wednesday following a major Oracle sell-off.
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