Elon Musk falls below trillion‑dollar net worth after SpaceX IPO slump

Elon Musk became the world’s first trillion‑dollar billionaire when SpaceX listed on the Nasdaq on 12 June 2026, pushing his estimated wealth to roughly $1.1 trillion. The IPO, the largest ever, lifted SpaceX’s valuation to over $1.7 trillion and sent Musk’s net worth above the historic threshold.

A broad tech sell‑off soon followed, and SpaceX shares dropped more than 30 % from their peak. Tesla also slipped about 6 % as interest‑rate concerns and AI spending worries weighed on tech stocks. Bloomberg’s Billionaires Index and Forbes now place Musk’s wealth at about $957‑$962 billion, ending his brief reign as a trillionaire.

Critics highlighted the extreme concentration of wealth. Oxfam’s senior economic‑justice lead Nabil Ahmed warned that “a trillion dollars in the hands of one man is incompatible not only with an affordable economy, but with a healthy democracy.” The episode underscores how paper fortunes can swing by hundreds of billions in days and raises questions about the broader impact of such mega‑IPOs on markets and inequality.