Elon Musk is no longer a trillionaire. A rapid slide in Space Exploration Technologies Corp. shares has pulled his net worth below $1 trillion for the first time since the company’s Nasdaq debut earlier this month.

SpaceX (SPCX) priced its IPO at $135, but opened at $150, on June 12, pushing Musk’s fortune to a peak of $1.32 trillion by June 16. The stock has since fallen 31% from its all-time high of $225.64, dragging his net worth down to $957 billion, per the Bloomberg Billionaires Index.

SpaceX Selloff Hits Musk Hard

Currently, SPCX trades around $156, well off its all-time high of $225.64 set on June 16. The IPO raised a record $75 billion and debuted at a valuation of roughly $1.77 trillion, the largest public offering in history.

The drop has been fast. Monday alone saw shares fall more than 16%. That single session wiped roughly $240 billion from Musk’s fortune, pulling his net worth to approximately $1.08 trillion, per Bloomberg’s Billionaires Index. By June 24, Bloomberg placed him at $957 billion, ending his brief run as the world’s only trillionaire.

Lockup Expiry Adds to the Pressure

SpaceX is not alone in its slide. Alphabet, Meta, Microsoft, and Amazon each posted some of their worst sessions of the past year during the same tech selloff. Meanwhile, Tesla has fallen more than 7% year to date, adding further pressure on Musk’s portfolio.

Investors also face a structural test ahead. SpaceX runs a staggered lockup schedule. Early insider shares could hit the open market as soon as late July, with the standard 180-day lockup expiring on December 8.

The SpaceX IPO Nasdaq debut attracted intense retail demand, but the company posted a $4.9 billion net loss in 2025, and analysts continue to debate whether the current valuation reflects that reality.

Musk still leads the Bloomberg wealth ranking by a wide margin. Second-placed Larry Page sits at $297 billion. However, whether SPCX can stabilise before the first wave of insider selling arrives will be the next real test for both the stock and Musk’s trillionaire status.

Source: BeInCrypto