Elon Musk Loses Billionaire Status: How Much SpaceX Stock Has Dropped Since the IPO
Just two weeks after the IPO of his space company SpaceX made him the first billionaire of recent human history, Elon Musk has already lost that status due to declines in SpaceX and Tesla stock.
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Just two weeks after the IPO of his space company SpaceX made him the first billionaire of recent human history, Elon Musk has already lost that status. The reason is the decline in SpaceX and Tesla stock.
On June 12, 2026, SpaceX raised $75 billion at its stock market debut, achieving a market capitalization of $2.1 trillion. SpaceX CEO Elon Musk became a billionaire overnight, and many employees became multimillionaires. Less than two weeks after the SpaceX IPO, Musk has lost his billionaire status.
Musk Loses $240 Billion in One Day
On Monday, June 22, the stock of the space company lost 16% of its value. This sudden drop shrank Musk's fortune by $240 billion, as reported by finanzen.ch. For context: This amount is roughly equivalent to the total wealth of Amazon founder Jeff Bezos.
In recent days, the SpaceX stock has lost another ten percent in value. As of June 24, the stock is priced at nearly $157, which is below the initial price of $160. Since June 16, when the SpaceX stock reached a temporary high of $225.64, the stock has lost almost a third of its value.
SpaceX Accounts for 80% of Musk's Wealth
And that’s not all. The Tesla stock also experienced a decline. On Tuesday, June 23, the electric car manufacturer's stock lost almost six percent, costing Musk additional billions. According to Business Insider, SpaceX accounts for nearly 80% of Musk's net worth. Tesla contributes an additional $158 billion.
The losses in SpaceX and Tesla stocks in recent days are part of a global decline in tech stocks. For instance, Google parent company Alphabet has lost about six percent of its market value since Monday. The declines were similarly high for Meta and Nvidia stocks. One of the reasons for the downturns is concerns about a potential bursting of a possible AI bubble.
Musk: From Billionaire to Centi-Billionaire
According to Bloomberg's Billionaires Index, Musk's current wealth stands at around $957 billion. This represents a drop of $118 billion compared to the previous day.
However, since the beginning of the year—primarily due to the SpaceX IPO—there has been an increase of $338 billion. For context: Google founders Larry Page and Sergey Brin follow far behind in the ranking of the richest people in the world, with $297 billion and $276 billion, respectively.
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