Elon Musk’s fortune fell below $900 billion on Monday as shares of SpaceX continued to erase gains, sliding closer to their public offering price.
Shares of SpaceX dropped 4.45% to just under $140 as of Monday afternoon, approaching the stock’s $135 IPO price.
The AI and rockets company made a blockbuster debut on US stock market last month, raising $75 billion.
The latest pullback in SpaceX stock wiped out nearly $37 billion from Musk’s net worth, taking his fortune to $882.7 billion, according to data available on Forbes real-time billionaires list.
SpaceX witnessed massive gains after going public on 12 June, 2026.
It debuted with a valuation of about $1.8 trillion, which quickly surged to more than $2.7 trillion, briefly making it more valuable than Amazon and Microsoft in terms of market capitalisation.
Musk loses trillionaire status as SpaceX shares retreat from record highs
Musk, who also leads Tesla and X (formerly Twitter), became the world’s first trillionaire on June 16 as SpaceX shares climbed to a record high above $225, lifting his net worth to $1.45 trillion.
Since then, the stock has fallen more than 38%, dragging his fortune sharply lower.
Though his wealth has significantly declined, Musk remains the world’s richest person, directly ahead of Google co-founders Larry Page and Sergey Brin, whose net worth stands at $290.7 billion and $268.1 billion, respectively.
A breakdown of Musk’s fortune
Musk holds a roughly 38% stake in the newly listed company, which comprises 4.8 billion shares and an additional 350 million stock options with an exercise price of $8.40 per share, according to Forbes.
This accounts for more than half of his net worth.
SpaceX, founded in 2002, acquired xAI in February in a deal that valued the combined company at $1.25 trillion.
He also owns nearly 11% of Tesla.
Musk first backed the electric vehicle (EV) manufacturer in 2004 and has served as its chief executive officer (CEO) since 2008.
He has restricted stock in the company, giving him another 8% that he will forfeit if he doesn’t remain at Tesla until January 2028.
While the bulk of his fortune is held in SpaceX and to a lesser extent in Tesla, Musk also founded and has stakes in tunnelling startup the Boring Company and brain implant outfit Neuralink, which fill out the remainder of his current billion-dollar portfolio.
Wall Street remains bullish on SpaceX stock
Even as the rally in SpaceX shares lost steam in the recent weeks, Wall Street is largely bullish on the stock, Forbes reported.
Raymond James set an $800 price target, implying a market valuation well above $10 trillion.
Analyst Brian Gesuale argued that his firm’s position on SpaceX came as Musk’s rocket maker was “building the foundational platform for the next generation of industrial capacity.”
Brokers on average expect SpaceX shares to be worth $236, according to FactSet data, with targets of $401 from Arete Research, $300 from Morgan Stanley and $205 from Goldman Sachs.
