International Desk — In a dramatic turn of fortune on Wall Street, tech visionary Elon Musk has lost his newly minted title as the world’s first trillionaire just two weeks after achieving the historic milestone.
The rapid depletion of his personal net worth comes as the initial market euphoria surrounding SpaceX’s blockbuster public debut begins to cool down amid a broader tech sector sell-off.
According to the latest data from the Bloomberg Billionaires Index, updated as of Tuesday (June 23, 2026), Musk’s net worth has recalibrated to $957 billion (approximately £727 billion).
This marks a substantial decline from less than two weeks ago, when his personal fortune peaked at an unprecedented $1.11 trillion.
Market analysts attribute this swift devaluation to an abrupt correction in the technology sector, combined with growing investor skepticism regarding the long-term profitability timelines of Artificial Intelligence (AI) and heavy tech infrastructure investments.
Despite the massive paper loss, Musk comfortably retains his position as the world’s richest individual, holding a commanding lead over his closest billionaire rivals.
Musk originally scripted history on June 12, 2026, when his rocket and satellite manufacturing venture, SpaceX, launched its highly anticipated Initial Public Offering (IPO) on the Nasdaq exchange.
Debuting at an initial offer price of $135 per share, the stock rapidly surged to $150 during early trading, pushing SpaceX’s total market capitalization beyond $1.77 trillion.
Given Musk’s substantial 42% ownership stake in the aerospace giant, his personal valuation instantly breached the trillion-dollar threshold, eventually peaking at $1.32 trillion on June 16 when demand drove share prices to an all-time high of $225.64.
However, the rally proved unsustainable. Growing anxieties over soaring capital expenditures in AI infrastructure, compounded by volatile global interest rates, triggered a massive correction across tech heavyweights, heavily impacting giants like Nvidia, Intel, and AMD.
SpaceX bore the brunt of this volatility. From its mid-June peak, the stock plummeted over 30% to sit near $156 per share.
The single heaviest blow fell on Monday, June 22, when a sharp 16% intraday drop in SpaceX stock wiped out nearly $240 billion from Musk’s personal ledger.
The financial bleeding was further exacerbated the following day when shares of his electric vehicle venture, Tesla—in which he holds a 12% stake—slid by an additional 6%.
Financial experts point out that the high volatility of Musk’s wealth stems directly from his uniquely concentrated investment strategy.
Unlike traditional billionaires who diversify across various sectors, nearly 80% of Musk’s wealth is tied directly to SpaceX, leaving his portfolio highly sensitive to the market movements of a single entity.
Commenting on the market behavior, Danny Hewson, Head of Financial Analysis at investment firm AJ Bell, noted:
“Stock movements like those seen with SpaceX can often be driven by sentiment and the immense potential of space exploration. However, investment always requires a reality check and patience, even when dealing with sums of money this vast.”
Looking ahead, the market may face additional pressure in late July when the lock-up period restricting company insiders from selling shares expires.
Nevertheless, analysts remain optimistic about a quick recovery, noting that a modest 6% rebound in SpaceX stock would restore Musk to the trillionaire club—potentially making him the world’s first “recurring trillionaire.”