Elon Musk Loses Trillionaire Status as SpaceX Selloff Wipes Out $118 Bn

Elon Musk is no longer the world's first trillionaire after a sharp selloff in SpaceX shares wiped out more than $100 billion from his fortune in just a few days, according to the Bloomberg Billionaires Index.

His net worth is now estimated at about $957 billion, down from levels above $1 trillion that he briefly reached earlier this month. The drop follows a steep correction in SpaceX's valuation after a strong rally earlier in the year.

Musk still remains the world's richest person, but the decline highlights how heavily his fortune depends on SpaceX's market value.

SpaceX Selloff Drives Wealth Decline

The biggest hit to Musk’s fortune came from SpaceX, which is his most valuable asset by far. Bloomberg estimates his stake in the company at around $744 billion, accounting for the bulk of his total wealth.

SpaceX shares have fallen sharply in recent sessions, dropping below $150. The decline erased more than $600 billion in market value within three trading days, according to Bloomberg estimates.

Bloomberg also estimates that Musk personally lost about $118 billion during the recent selloff. The correction was triggered by a broader weakness in technology stocks and concerns around rising spending plans in the artificial intelligence space.

Tech Selloff and Broader Pressure on Tesla

The decline in SpaceX came alongside weakness in the wider technology sector. Investors have been reacting to concerns over high valuations and rising capital spending on artificial intelligence infrastructure across major companies.

SpaceX has also indicated plans to invest heavily in AI-related projects, including future data centre concepts in space. Parts of a planned bond issue are expected to support these expansion plans, according to reports.

Tesla, another major source of Musk’s wealth, has also faced pressure. The stock fell about 5 per cent this week after US regulators launched a safety investigation into a fatal crash involving a Tesla Model 3, which was reportedly using advanced driver assistance systems.

Still Far Ahead of Other Billionaires

Despite the sharp decline, Musk remains comfortably ahead of other global billionaires. Bloomberg estimates his net worth is still far above the second-richest person, Google co-founder Larry Page, whose wealth is estimated at around $297 billion.

For comparison, Musk’s recent paper loss is estimated to be larger than the entire net worth of India’s richest billionaire, Gautam Adani, who is valued at about $117 billion.

Forbes, however, continues to place Musk’s net worth at around $1.1 trillion, still listing him as the only trillionaire in its rankings, highlighting differences in valuation methods across trackers.