Musk loses trillionaire status as SpaceX shares 'come down to earth with a bump' – as it happened
Guardian AU Business
•Wed, 24 Jun 2026 16:06:39 GMT
📰 What Happened
Elon Musk lost his trillionaire status on Wednesday, June 24, 2026, as shares in SpaceX fell from their record highs, dropping his net worth below the $1 trillion mark. According to Forbes' Real-Time Billionaires list, Musk's net worth fell to $956.5 billion, down from $1.1 trillion earlier in the week. The drop was driven primarily by a decline in SpaceX shares, which had previously soared on the company's dominant position in satellite internet (Starlink), launch services, and Starship development. Tesla shares also contributed to the decline, continuing a pattern of volatility in the electric vehicle maker's stock.
The broader financial context saw US crude oil prices fall below $70 a barrel for the first time since the Iran war began, as shipping resumed through the Strait of Hormuz, gold fell below $4,000 an ounce, and the pound hit its lowest level against the dollar since November. The London stock market closed higher despite these crosscurrents, buoyed by real estate stocks rallying after Segro rejected a £12.6 billion takeover bid from US rival Prologis. The day's market movements reflected the complex landscape of post-Iran-war economic normalization, falling energy prices, and currency realignments.
🔍 The Backstory
Elon Musk had achieved trillionaire status earlier in 2026, becoming one of the first individuals in history to reach a $1 trillion net worth, primarily driven by SpaceX's astronomical valuation. SpaceX's value had been propelled by Starlink's rapid subscriber growth — which reached over 5 million users globally — and the successful test flights of the Starship rocket, the largest and most powerful launch vehicle ever built. Musk's wealth also derives from his stakes in Tesla, X (formerly Twitter), xAI, Neuralink, and The Boring Company. The fall below the trillion-dollar mark, while significant as a milestone, represents a relatively modest percentage decline in Musk's overall wealth and reflects the inherent volatility of the billionaire fortunes tied to high-growth tech stocks. The broader market context of falling oil prices and the normalization of trade through the Strait of Hormuz following the US-Iran interim deal created a complex macroeconomic environment affecting various asset classes.
🎯 Why It Matters
Musk's trillionaire status was both a personal milestone and a symbol of the extraordinary wealth concentration enabled by the technology industry. Its loss — even if temporary — illustrates the volatility of fortunes built on high-growth tech stocks and speculative valuations. The broader market moves, particularly falling oil prices and gold, signal the market's assessment that the post-Iran-war economic landscape may look very different from the crisis conditions of the past year. The Segro takeover drama also underscores the ongoing wave of US corporate interest in undervalued UK assets.
Elon Musk lost his trillionaire status on Wednesday, June 24, 2026, as shares in SpaceX fell from their record highs, dropping his net worth below the $1 trillion mark. According to Forbes' Real-Time Billionaires list, Musk's net worth fell to $956.5 billion, down from $1.1 trillion earlier in the week. The drop was driven primarily by a decline in SpaceX shares, which had previously soared on the company's dominant position in satellite internet (Starlink), launch services, and Starship development. Tesla shares also contributed to the decline, continuing a pattern of volatility in the electric vehicle maker's stock.
The broader financial context saw US crude oil prices fall below $70 a barrel for the first time since the Iran war began, as shipping resumed through the Strait of Hormuz, gold fell below $4,000 an ounce, and the pound hit its lowest level against the dollar since November. The London stock market closed higher despite these crosscurrents, buoyed by real estate stocks rallying after Segro rejected a £12.6 billion takeover bid from US rival Prologis. The day's market movements reflected the complex landscape of post-Iran-war economic normalization, falling energy prices, and currency realignments.
Elon Musk had achieved trillionaire status earlier in 2026, becoming one of the first individuals in history to reach a $1 trillion net worth, primarily driven by SpaceX's astronomical valuation. SpaceX's value had been propelled by Starlink's rapid subscriber growth — which reached over 5 million users globally — and the successful test flights of the Starship rocket, the largest and most powerful launch vehicle ever built. Musk's wealth also derives from his stakes in Tesla, X (formerly Twitter), xAI, Neuralink, and The Boring Company. The fall below the trillion-dollar mark, while significant as a milestone, represents a relatively modest percentage decline in Musk's overall wealth and reflects the inherent volatility of the billionaire fortunes tied to high-growth tech stocks. The broader market context of falling oil prices and the normalization of trade through the Strait of Hormuz following the US-Iran interim deal created a complex macroeconomic environment affecting various asset classes.
Musk's trillionaire status was both a personal milestone and a symbol of the extraordinary wealth concentration enabled by the technology industry. Its loss — even if temporary — illustrates the volatility of fortunes built on high-growth tech stocks and speculative valuations. The broader market moves, particularly falling oil prices and gold, signal the market's assessment that the post-Iran-war economic landscape may look very different from the crisis conditions of the past year. The Segro takeover drama also underscores the ongoing wave of US corporate interest in undervalued UK assets.