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Wed, 24 Jun 2026

Wed, 24 Jun 2026 Elon Musk loses trillionaire status as global tech rout hits SpaceX

Elon Musk lost his trillionaire status on Tuesday after a brutal global tech rout erased billions from his wealth.

* Elon Musk lost his trillionaire status on Tuesday, less than two weeks after becoming the first person to achieve it.
* His wealth was valued at $957bn (£727bn) by Bloomberg, down from $1.11tn previously.
* The decline in value is due to a sharp retreat in SpaceX and Tesla shares, which were affected by growing doubts over the long-term profitability of artificial intelligence.
* Musk still remains the world's richest person, with his wealth dwarfing that of his nearest rivals.
* His fortune is almost entirely tied to equity in just two companies: SpaceX (80% of his total net worth) and Tesla (12%).
* Market analysts note that post-IPO volatility is standard for highly valued growth firms, but the scale of the movement reflects a deeper tug-of-war between hype and reality.