How Elon Musk lost his trillionaire status within days

Elon Musk was the world's first trillionaire, but not anymore. SpaceX shares fell sharply, erasing over $100 billion (around Rs 9.47 lakh crore) from his fortune in just a matter of a few days.

Musk had briefly crossed the trillion-dollar mark following SpaceX's spectacular stock market debut, with a valuation of nearly $3 trillion (around Rs 284 Lakh crore).

The reported decline was driven by a broader technology-market sell-off and concerns about the firm's future spending plans, which led to a steep stock drop, pushing the world's richest person out of the trillionaire club.

SpaceX shares dropped below $150, erasing more than $600 billion (around Rs 56,619 crores to Rs 56,785 crores) in market value within just three trading sessions. According to Bloomberg estimates, Musk's personal fortune shrank by nearly $118 billion (around Rs 11.16 lakh crore) during the selloff.

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Despite these drops, Musk still enjoys the status of the world's richest person, as his fortune continues to grow.

How Musk lost his trillionaire title?

Musk lost significant wealth and his trillionaire status due to a drop in SpaceX's market value. The firm had a valuation of nearly $2.99 trillion (around Rs 2.83 lakh crore) before concerns about a broader tech sell-off hit investor sentiment.

SpaceX has indicated a major push into artificial intelligence, with plans to invest heavily in AI initiatives, including the development of space-based data centres. The company also announced that proceeds from an upcoming bond offering would help finance its AI expansion efforts.

The momentum has since lost steam; despite losing billions of dollars on paper, Musk remains way ahead of the world's second-richest person. Bloomberg estimates Google co-founder Larry Page's net worth at around $297 billion (around Rs 28 lakh crore), according to reports.

SpaceX shares ended around $156 on Tuesday (June 23), more than 30 per cent below their intraday high of $225 reached on June 16. Despite the decline, the stock remains above its June 12 debut price of $150.

How much is Musk's net worth now?

Musk's wealth is estimated at $957 billion (around Rs 90,532 crore), according to Bloomberg's Billionaires Index. However, Forbes continues to value Musk's fortune at around $1.1 trillion (Rs 1,03,849.62 crore), listing him as the only trillionaire in its rankings.

SpaceX remains the cornerstone of Musk’s assets. Bloomberg estimates that his stake in the company is worth around $744 billion (around Rs 70,473,040 crore), accounting for nearly 80 per cent of his overall net worth.

Musk owns roughly 38 per cent of SpaceX through a combination of shares and stock options, whereas his stake in Tesla is valued at about $158 billion.

Tesla shares have also faced renewed pressure. The electric vehicle market fell around 5 per cent this week after US regulators opened a safety probe into a fatal crash involving a Tesla Model 3 that was reportedly operating with an advanced driver-assistance system.

With inputs from agencies