Elon Musk’s fortunes dropped significantly in July, erasing his trillionaire status, which he gained after the SpaceX IPO launch last month. Things took a U-turn this month after SpaceX stock (NASDAQ: SPCX) plunged to a new low of $147 and settled at $149 on Tuesday’s closing bell. The drop made the world’s richest man’s wealth slip below the record of $1 trillion.
The net worth of SpaceX CEO Elon Musk is now fluctuating between $992 billion and $997 billion, but is only a stone’s throw from the remarkable $1 trillion mark. Therefore, from the 14-digit mark, the entrepreneur has reached the 13-trillion zone due to SpaceX’s weak performance. His wealth had reached an unheard-of high of $1.4 trillion, literally rewriting financial history.
Also, Elon Musk is still the world’s richest man, but just not a trillionaire at this point in time. He could reclaim the territory if confidence in SPCX grows over the coming weeks or months. The euphoria and frenzy over the IPO launch did not last for long, after a month since it began. Several institutional funds, which have access to the pre-IPO level, made enormous profits on the day it went live in the indices.
The correction in Elon Musk’s SpaceX value does not mean the company is on the weaker side of the spectrum, said Viram Shah, Founder and CEO of Vested Finance. “The correction isn’t about SpaceX suddenly becoming a weaker company,” he said. “It’s important for investors to understand market structure,” Shah explains.
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The Rich & Other Multinational Corporations Made 100x Returns With Elon Musk’s SpaceX IPO Launch
Even a wealthy Indian family office headquartered in Dubai made 100x returns on its investments in the SpaceX IPO. Alphabet’s Google was the biggest gainer of the SPCX IPO season, as it invested $1 billion along with Fidelity in 2015 and saw a record profit of $140 billion in 2026. They believed in Elon Musk’s capabilities long before any other giant realized SpaceX’s prospects and what it could accomplish.