London (HRNW)- Elon Musk, who recently became the world’s first trillionaire, has lost that status just two weeks later following a significant decline in the share prices of his companies, SpaceX and Tesla.
According to a report by the British Broadcasting Corporation (BBC), Musk’s wealth surged after the historic stock market listing of SpaceX on June 12, with shares reaching $225 each and pushing his net worth to approximately $1.32 trillion. However, a market correction and falling share prices have reduced his fortune to around $957 billion.
Reports indicate that a 16% decline in SpaceX shares on June 22 alone wiped nearly $240 billion from Musk’s wealth, although he remains the richest person in the world. Musk owns a 42% stake in SpaceX, giving him substantial control over the company’s operations and investment decisions.
According to Bloomberg, SpaceX shares were valued at $767.1 billion at the close of trading, while Musk also holds approximately $53.8 billion in SpaceX-related options. In addition, his Tesla holdings are valued at $168 billion, with another $116.4 billion in stock options.
Musk’s brief rise to trillionaire status reignited global debate over wealth inequality, as his fortune at its peak rivaled the annual economic output of countries such as Poland and Switzerland. Critics have pointed to the growing concentration of wealth and influence among a small number of individuals.
Political figures, including US Senators Bernie Sanders and Elizabeth Warren, criticized the milestone, with Warren calling it a “wake-up call” and renewing calls for a wealth tax on billionaires.
Despite the staggering valuation, analysts note that most of Musk’s wealth remains tied to company stock and cannot be immediately converted into cash. Reports also indicate that Musk cannot sell a significant portion of his SpaceX shares for at least a year.
SpaceX continues to invest heavily in rockets, reusable launch systems, Starlink internet satellites, artificial intelligence projects, and orbital data center initiatives. The company has reportedly recorded losses exceeding $9 billion across 2025 and 2026 due to aggressive expansion and infrastructure investments.
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