Thursday, June 25, 2026 - Elon Musk is no longer a trillionaire after a sharp global sell-off in technology stocks wiped an estimated $500bn (£379bn) from his personal fortune.
The billionaire entrepreneur Elon Musk had recently become
the first individual to reach the trillion-dollar milestone following a
record-breaking listing surge for his rocket company SpaceX earlier this month.
However, shares in SpaceX have since fallen by around 30% from their peak,
while Tesla was also caught in a broader technology market downturn on Tuesday,
June 23.
His net worth now stands at $957.1bn, according to analysis
by Bloomberg, while calculations by Forbes suggest his fortune previously
peaked at $1.45tn last week. The drop in Musk’s wealth over the past week
exceeds the total fortune of Larry Page, whose estimated net worth stands at
just under $297bn.
The decline comes amid two consecutive days of losses on
Wall Street, with more than $89bn wiped from Tesla’s market value after its
shares fell 5.8% on Tuesday. Chipmaker Nvidia also dropped 4.1% during the same
session. Traders have warned that further volatility may follow after
memory-chip producer Micron Technology prepares to release its third-quarter
results, amid concerns that artificial intelligence valuations may be
overheating.
Investment bank Goldman Sachs cautioned that AI-linked
stocks could be vulnerable if there are signs of slowing investment from major
tech firms. Ben McKeown, an investment manager at Dowgate Wealth, said Musk’s
fortune remains highly exposed due to its concentration in two major holdings.
He said: “The old adage is, you concentrate to build wealth
and diversify to keep it. Musk is the most extreme example of this. Almost his
entire net worth sits in Tesla and SpaceX, which have been extremely volatile,
especially SpaceX as the shareholder base starts to be unlocked and becomes
free to sell.”
Musk had briefly become the world’s first trillionaire on
June 12 following the listing surge of SpaceX, which saw its shares jump as
much as 67% in its first three days of trading after an IPO that valued the
company at more than $1.8tn. However, the stock later fell for three
consecutive sessions, erasing around $928bn in market value from a peak of
$2.9tn to just over $2tn, before a slight recovery.
The scale of his recent wealth decline is now considered the
largest on record, surpassing his previous loss in 2022 when his fortune fell
by an estimated $165bn amid a slump in Tesla shares. Another billionaire
affected by recent market turbulence is Larry Ellison, whose net worth peaked
at around $400bn last September before falling to approximately $210bn
following a major sell-off in Oracle shares.
0 Comments