Elon Musk briefly lost his trillionaire status on June 24, 2026, after a decline in SpaceX’s share value cut Forbes’ estimate of his net worth by about $240 billion. Forbes had valued him at roughly $1.1 trillion after SpaceX’s June 12 public debut, but the threshold was temporary: Forbes reported a rebound above $1 trillion on June 29, and the Associated Press said on October 13 that he had moved above it again the previous week.
What happened on June 24, 2026?
Forbes’ June 24 estimate put Musk below $1 trillion after SpaceX shares declined from their debut levels. The calculation was mark-to-market: it applied the latest quoted equity value to Musk’s reported holdings and combined that result with estimates for Tesla and other assets. It did not represent money withdrawn from a bank account or a confirmed cash loss.
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Forbes said Musk held about 4.8 billion SpaceX shares and 350 million stock options, equivalent to approximately a 38% stake. Because SpaceX represented such a large portion of his estimated wealth, a change in its valuation moved the headline figure sharply.
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| Date | What was reported | Figure or price |
|---|---|---|
| June 12, 2026 | SpaceX made its public debut. Forbes’ estimate, as later reported by the Associated Press, put Musk above the trillion-dollar mark. | About $1.1 trillion; SpaceX IPO price $135 per share; opening price about $150; intraday high roughly $168; close just under $161. |
| June 24, 2026 | Forbes reported that Musk had fallen below $1 trillion as SpaceX shares declined. | About $240 billion lower estimated net worth; holdings included 4.8 billion shares and 350 million options, or about 38% of SpaceX. |
| June 29, 2026 | Forbes reported that Musk had moved back above $1 trillion. | Threshold regained as SpaceX’s valuation recovered. |
| August 4, 2026 | Axios reported that SpaceX shares had traded below their $135 IPO price, illustrating the volatility after the debut. | Below $135 per share; the report did not establish a new Musk net-worth total. |
| October 13, 2026 | The Associated Press reported that Forbes had Musk above $1 trillion again during the prior week. | Above $1 trillion according to the latest cited Forbes estimate. |
Why SpaceX had such a large effect
Musk’s ownership amplified each price move
A roughly 38% stake means that every change in SpaceX’s implied equity value flows into the estimated value of Musk’s holdings. The 4.8 billion shares provided the main exposure; the additional 350 million options required assumptions about their value and exercise terms. A public quote gave ranking organizations a frequently changing reference point instead of a single private-company valuation.
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Other assets were included, but SpaceX was the main driver
Forbes’ net-worth estimate also included Tesla and other holdings. The cited coverage does not provide a complete asset-by-asset breakdown for June 24, so it is not possible to assign the entire $240 billion change to one trade or to separate SpaceX’s effect from every other daily movement. The reporting does establish that SpaceX’s decline was the principal reason the estimate crossed the trillion-dollar line.
Was the $240 billion loss real cash?
No realized cash loss was established by the cited reports. The $240 billion figure was a change in estimated net worth based on quoted equity values and valuation assumptions. If Musk did not sell shares during the decline, the event primarily reduced the paper value of assets he continued to own.
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These rankings are estimates rather than audited statements of personal liquidity. They can differ according to the price used, the treatment of options and restricted equity, taxes and debt assumptions, and whether privately held assets receive a discount. A headline total therefore should be read as an approximate market value at a particular time.
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How SpaceX’s debut created the volatility
SpaceX’s June 12 IPO price was $135 per share. Trading opened around $150, reached approximately $168 intraday and closed just under $161, giving the stock a strong first session and supporting Forbes’ $1.1 trillion estimate for Musk. By August 4, Axios reported that the shares had fallen below the $135 IPO price. That path—from a strong opening to below the offer price—shows why a ranking tied to one large holding could change by hundreds of billions of dollars within weeks.
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The IPO price, opening price, high and close are different observations. Using one instead of another can produce a materially different estimate, especially when an owner controls billions of shares and options.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is Elon Musk still a trillionaire?
The answer depends on the date of the estimate. He was below the threshold in Forbes’ June 24 calculation, above it again in Forbes’ June 29 update, and above $1 trillion in the Forbes estimate referenced by the Associated Press in early October. “Trillionaire” is therefore not a permanent status in this episode; it is a rounded threshold that the estimated value crossed as SpaceX and other assets changed.
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How to interpret future updates
- Check the date: A ranking can become outdated quickly when the underlying stock is volatile.
- Identify the source: Forbes, the Associated Press and Axios may report different snapshots or rely on different valuation timing.
- Look for the SpaceX price or valuation: The share price is the key input behind the change described here.
- Check ownership assumptions: The treatment of Musk’s 350 million options and any restricted equity affects the total.
- Remember what the number is not: An estimated net worth is not a cash balance and does not prove that a sale or tax payment occurred.
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