Elon Musk loses trillionaire status as global tech rout hits SpaceX (opens original article in a new tab)

Elon Musk lost his trillionaire status as SpaceX and Tesla shares declined due to a tech sell-off, with his wealth heavily concentrated in the two companies.

• Elon Musk lost trillionaire status as SpaceX and Tesla shares declined
• SpaceX's IPO on 12 June valued the company at over $1.77tn, boosting Musk's net worth past $1tn
• Market volatility and concerns over AI costs led to a tech sell-off, with SpaceX shares dropping over 30% from mid-June peak
• Musk's wealth is heavily concentrated in SpaceX (80%) and Tesla (12%), making it vulnerable to market fluctuations