Elon Musk loses trillionaire status after tech sell-off erases billions from fortune

Elon Musk is no longer worth more than $1 trillion, less than two weeks after becoming the first person to reach the milestone.

Musk’s net worth was valued at $946 billion as of Wednesday, according to the Bloomberg Billionaires Index. That is down from about $1.11 trillion less than 14 days earlier.

The drop came after shares of SpaceX and Tesla fell during a broader tech sell-off. Investors have become more cautious about the long-term profitability of artificial intelligence.

Musk remains the world’s richest person by a wide margin. As of Wednesday, Larry Page ranked second at $296 billion, followed by Sergey Brin at $275 billion, Jeff Bezos at $257 billion and Michael Dell at $223 billion, according to the Bloomberg Billionaires Index.

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SpaceX priced its IPO at $135 per share and began trading at $150 on June 12. The debut helped push Musk’s net worth above $1 trillion.

At the IPO price, the listing valued SpaceX at more than $1.77 trillion. Musk owned about 42% of the company, and his SpaceX stake, combined with his Tesla holdings and other assets, put his net worth at more than $1 trillion.

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SpaceX shares later rose as high as $225.64 on June 16. That lifted Musk’s net worth to about $1.32 trillion.

But the gains did not last. SpaceX shares fell more than 30% from their June peak during the tech sell-off. On June 22, the stock dropped 16%, wiping about $240 billion from Musk’s fortune.

Tesla shares fell nearly 6% the next day, adding to the loss.

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Founded by Musk in 2002, SpaceX has grown into the world's largest space company and a dominant force in commercial launch services. 

The company pioneered reusable rocket technology, helping lower launch costs and reshape the economics of the space industry. It has also become a key contractor for NASA and the U.S. government through civil and national security missions.

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FOX Business' Bradford Betz and Eric Revell contributed to this report.