Elon Musk drops below $1 trillion as SpaceX shares tumble

SpaceX’s initial public offering on 12 June 2026 priced shares at $135 and saw the price surge to $225, lifting Elon Musk’s net worth above the $1 trillion mark for the first time. Within two weeks the stock fell more than 30 percent, trading around $155, and a single‑day 16 percent drop on 22 June erased roughly $240 billion from his wealth. By late June Musk’s estimated net worth settled between $946 billion and $970 billion, keeping him the world’s richest person but ending his brief tenure as a trillion‑dollar billionaire. The decline reflects a broader tech‑stock sell‑off driven by concerns over artificial‑intelligence investment costs, higher interest rates and a planned $20‑$25 billion bond issue by SpaceX. Musk’s fortune remains heavily weighted toward SpaceX (about 70‑80 % of his wealth) and Tesla (around 12 %). The market volatility also raises tax and liquidity issues for SpaceX employees whose stock options are subject to U.S. capital‑gains rules and lock‑up periods.