24.6.2026
World first trillionaire Elon Musk last just three weeks on the podium before sliding back to the billionaire status.
This followed a massive sell off of Tesla and SpaceX shares. According to Bloomberg’s Billionaires Index, Musk’s net worth has fallen to $957 billion. Earlier in June his company’s value skyrocketed to more than $2 trillion.
SpaceX shares closed at around $156 on Tuesday, down more than 30% from their intraday peak of $225 on June 16, although they remain above their June 12 debut price of $150. SpaceX shares are now trading 10% above their IPO price of $135, after opening at $150 on their market debut. Since last week, $600 billion in market value have been wiped off, amid a broader tech sell-off.
During the stock’s sharp rally, which took shares to a peak of about $225, SpaceX briefly overtook Amazon and Microsoft to become the world’s fourth most valuable publicly listed company.
The recent decline in SpaceX and other technology stocks comes amid mounting concerns over a potential AI-driven market bubble and the possibility of higher interest rates. In previous session, US semiconductor stocks suffered steep losses as investors pulled money out of AI-linked companies, triggering a broad sell-off in a sector that has been a major driver of market gains over the past year.
Technology stocks have also been under pressure due to expectations of tighter monetary policy under USFederal Reserve Chair Kevin Warsh. Concerns have grown as recent economic data suggests the U.S. economy remains strong, reducing the likelihood of lower interest rates. TOI reports
Elon Musk...money making machine.