Elon Musk has fallen back below the symbolic $1 trillion mark in net worth after declines in the share prices of SpaceX and Tesla, moving from “trillionaire” back to billionaire status weeks after SpaceX’s record-breaking initial public offering (IPO). Forbes estimated his wealth at $970.2 billion as of 4pm ET on Wednesday 24 June 2026, reflecting a swift reversal of gains made earlier this month.
Market moves that erased the trillionaire milestone
The rapid swing in Musk’s fortune follows volatile trading in the wake of SpaceX’s historic IPO. The space company initially priced its shares at $135 each, and the stock climbed by 19% within 24 hours of going public. Reports indicate SpaceX raised $75bn from the offering, a figure that propelled Musk to unprecedented wealth levels on 12 June 2026, when he was widely recognised as the world’s first trillionaire.
By 4pm ET on 24 June, SpaceX shares were listed at $154.35. While that price remained above the IPO level, declines in both SpaceX and Tesla share prices since the early June surge reduced the market value of Musk’s holdings. Forbes’ estimate put his net worth at $970.2bn at that time, taking him below the trillion-dollar threshold he had briefly occupied.
How the SpaceX IPO reshaped Musk’s wealth
The SpaceX offering was the catalyst for the dramatic change in valuations that defined the first half of June. The initial pricing at $135 per share and the near-immediate 19% jump generated substantial paper gains for large shareholders, including Musk. The $75bn raised by SpaceX from the IPO was described as record-breaking, and those proceeds and valuation shifts fed into the calculations used by wealth trackers to estimate personal fortunes.
Musk’s own net worth reflects his substantial ownership stakes in both SpaceX and Tesla, among other assets. The initial post-IPO surge pushed his wealth above $1 trillion on 12 June, but market movements can be swift, and relatively modest percentage changes in stock prices are magnified when applied to such large holdings.
Context, comparisons and recent gains
The fluctuation also highlights the concentration of wealth among technology founders. Forbes estimates place Larry Page’s net worth at about $284bn, offering a point of comparison within the cohort of the world’s richest individuals. Even after the recent decline, Musk has seen a remarkable increase in his wealth in 2026, with Forbes noting he increased his net worth by $338bn since January 2026.
Such rapid rises and falls underscore the sensitivity of headline net worth figures to share prices. For individuals whose fortunes are heavily tied to single publicly traded companies, stock performance can translate into large swings in estimated wealth over short periods.
What this means for investors and markets
The reversal from trillionaire status is likely to be interpreted in different ways by market participants. For some investors, the post-IPO climb and subsequent pullback are part of normal price discovery, particularly for a company that garnered intense attention on listing. For others, the episode may signal a cooling of speculative momentum following the initial euphoria around SpaceX’s public debut.
Analysts and commentators often caution that net worth estimates compiled by media and data firms are snapshots, reliant on prevailing share prices and certain assumptions about holdings. As demonstrated by the change between 12 June and 24 June, those figures can be transient, reflecting market sentiment as much as long-term value.
Looking ahead
Whether Musk’s net worth will recover to trillionaire status will depend chiefly on the future performance of SpaceX and Tesla shares, and on any further material changes to his ownership stakes. For now, the headline that once marked a new milestone in private wealth has been temporarily rescinded, reminding observers that even the largest fortunes are vulnerable to market volatility.
Frequently Asked Questions
How much is Elon Musk worth now?
Forbes listed Elon Musk’s net worth as $970.2bn as of 4pm ET on Wednesday 24 June 2026.
When did Musk reach trillionaire status?
Musk reached “trillionaire” status on 12 June 2026, following the record-setting initial public offering of SpaceX.
Why did his net worth fall below $1 trillion?
Declines in the share prices of SpaceX and Tesla reduced the market value of Musk’s holdings. Although SpaceX’s shares traded at $154.35 on 24 June, the combination of post-IPO price movements and broader market shifts resulted in a lower estimated net worth, bringing it below the $1 trillion mark.
About the author
Staff reporter at London Daily News. For more coverage of technology, markets and billionaires, visit https://www.londondaily.news/.
