The record lasted less than two weeks. Just 12 days after Elon Musk became the first person in history whose net worth exceeded $1 trillion, the entrepreneur fell back below the symbolic milestone. The decline was triggered by a sharp drop in the value of his key asset, wiping nearly $50 billion from his fortune in a single day.
According to market data, securities linked to Musk’s space business experienced a massive sell-off. In recent days, SpaceX shares have fallen sharply, according to the Bloomberg Index. During one trading session, the stock lost 16.4% of its value, erasing more than $400 billion in market capitalization. By the close of trading on June 23, the shares were trading around $156, despite reaching as high as $225 earlier in the session. Selling pressure continued in pre-market trading the following day.
As a result, Musk’s net worth declined to approximately $957 billion, stripping him of the title of the world’s first trillionaire. Analysts believe the sharp decline reflects the fact that the initial excitement surrounding the company’s market debut has largely faded.
“Over the past three days, nearly $1 trillion in market value has been wiped out. Virtually everyone who wanted to buy the company’s shares did so during the first few days of trading, and that demand now appears to have been fully exhausted,” said Mike O’Rourke of investment bank Jones Trading.
Market experts note that the episode once again highlights how closely the fortunes of the world’s wealthiest individuals are tied to the market valuation of the companies they own. Even with enormous business holdings, much of their wealth exists only on paper and can fluctuate by tens of billions of dollars within just a few hours of trading.
On June 11, Musk officially became the first person in history whose fortune exceeded $1 trillion (we previously reported on this milestone). The record was fueled by a sharp increase in the valuation of his business empire, giving him an unprecedented lead over every other billionaire in the world.
Today, Musk’s business empire spans multiple high-tech industries, including electric vehicles, space exploration, artificial intelligence, social media, neurotechnology, and robotics. Such a heavy concentration of wealth in the technology sector makes his fortune extremely sensitive to investor sentiment and market volatility.
Investors are now watching closely to see whether the company can live up to the market’s lofty expectations. If demand for its shares rebounds, Musk could regain trillionaire status. Otherwise, the recent decline may prove to be only the first stage of a much broader market correction.
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