American billionaire Elon Musk, head of SpaceX and Tesla, lost his trillionaire status after the sharp decline in his companies' shares during the trading session on Tuesday, June 23. According to the wealth ranking compiled by Bloomberg, his fortune is now estimated at $957 billion, down from over $1,000 billion at the beginning of the month.
This decrease follows a marked decline in SpaceX's stock, just days after the space group's historic stock market listing.
SpaceX stock falls after its stock market surge
According to data reported by Bloomberg, SpaceX shares closed around $156 on Tuesday. The stock has thus lost more than 30% from its intraday high of $225 reached on June 16.
The company had nevertheless experienced a spectacular start after its initial public offering on June 12. This operation valued the company at more than $2,000 billion and allowed Elon Musk to become the first trillionaire in history. The interest of retail investors in the group's growth prospects then supported a strong rise in the stock price.
Despite the recent decline, the stock remains slightly above its IPO price of $150.
Technology stocks under pressure
The decline of SpaceX comes as several major technology stocks are undergoing a correction phase in financial markets. Investors are questioning the valuations reached by some companies linked to artificial intelligence and the outlook for interest rates.
Elon Musk's assets have also been affected by the decline in Tesla. According to Bloomberg, his stake in SpaceX represents about $744 billion, or nearly 80% of his total fortune. His stake in Tesla is valued at about $158 billion.
Some analysts continue to question SpaceX's valuation levels and several long-term projects presented by the company, including the development of data centers in space or the ambitions of colonizing Mars.
The market awaits the end of the lock-up period
Investors are now watching for the end of the lock-up period established after the initial public offering. This deadline will allow early shareholders and investors to sell their stakes on the market.
The financial document filed by SpaceX before its IPO also indicated a net loss of $4.9 billion in 2025, while its activities related to artificial intelligence generated $12.7 billion in capital expenditures.
The evolution of the stock in the coming weeks, especially after the expiration of this lock-up period, will constitute an important test for the valuation of the space group and, by extension, for Elon Musk's fortune.
