- Elon Musk‘s net worth plummeted from a peak of $1.32 trillion to $946 billion following steep declines in SpaceX and Tesla shares.
- A 16% single-day drop for SpaceX erased an estimated $240 billion from Musk’s personal balance sheet, cooling the post-IPO rally.
- Investors are now focused on SpaceX‘s upcoming first public earnings report, watching Starlink growth and Starship R&D spending closely.
Elon Musk’s brief tenure as the world’s first trillionaire ended in late June after a sharp pullback in SpaceX and Tesla shares reversed his recent wealth surge. His net worth fell to $946 billion on Wednesday, down from about $1.11 trillion less than two weeks earlier, according to reports. Consequently, Musk’s fortune is uniquely concentrated in these two volatile stocks.
SpaceX‘s market debut on June 12 briefly pushed Musk past the trillion-dollar mark. However, the stock has since dropped over 30% from its peak as investors grew cautious. The biggest single-day blow came on Monday when SpaceX plunged 16%, wiping an estimated $240 billion from Musk’s paper wealth. Meanwhile, this selloff occurs amid a broader tech pullback focused on AI costs and capital spending.
Investors are now watching Starlink‘s growth and Starship‘s R&D spending ahead of the company’s first public earnings report. “Starlink is the biggest revenue and profit driver for the company right now,” Morningstar noted. On retail platforms, sentiment turned bearish amid high message volume, with one user stating, “This current valuation is already taking into account the company turning a profit and scaling 10x.”
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