Elon Musk loses trillionaire status as SpaceX and Tesla stock drops

[chowder66]

Elon Musk was no longer a trillionaire by the time markets closed on Wednesday. Plunging shares in Tesla and SpaceX dragged the tech magnate down to billionaire status. As of 4pm ET, Forbes listed Musk’s net worth as $970.2bn.

Musk reached trillionaire status on 12 June after SpaceX’s historic initial public offering. The rocket, satellite and AI company’s debut on the stock market made Musk the first person with a net worth of more than $1tn. His fortune continued to hover around that gigantic figure in the weeks following the initial public offering (IPO).

A global stock selloff this week led to sharp declines for major tech stocks and dealt a blow to Musk’s wealth, however, as investor concerns that the Federal Reserve will potentially raise interest rates and looming fears of an AI bubble rattled the market.

Companies whose values were heavily linked to the AI boom, including Google’s parent, Alphabet, and chipmakers such as Samsung, were hit especially hard.

more....
https://www.theguardian.com/technology/2026/jun/24/elon-musk-trillionaire-spacex?utm_source=dlvr.it&utm_medium=bluesky&CMP=bsky_gu

[Lovie777]

1. That was quick..................

[struggle4progress]

2. I'm sure all America feel heartbroken

[vapor2]

5. Yup, so sad

[Fil1957]

3. He's still waay too rich...

[marble falls]

4. I found a little dittie to cheer himself up ...

?si=mmn4ZCpvBQf4J-KE

[vapor2]

6. AWESOME!!!

[Blue Owl]

7. That's not the only thing I wish he'd lose.....

[dickthegrouch]

8. I See the problem!

https://www.reddit.com/r/Jokes/comments/16olj1/a_priest_a_drunkard_and_an_engineer_are_taken_to/

[SergeStorms]

9. Does it really matter?

He's an obscenely wealthy Nazi. He buys entire governments. He buys his own (in)justice.
He should be taxed no less than 40% on that wealth, but he buys his way out of that as well.
I sincerely hope for his demise at a relatively young age, for our world's sake.

[Bristlecone]

10. I'd guess they will rebound

[fujiyamasan]

11. His companies don't follow fundamentals and they never have

The company’s stock price may fall below IPO price and it will still be overvalued.

This is a big reason why I am dead set against subsidies for “green” energy and tax credits for EVs. As for spaceX, if it competes fairly for government contracts fine (can’t trust the situation with this administration when it comes to the bidding process though). It’s so manipulated

Do we need to potentially create another Elon Musk?

[Totally Tunsie]

12. Easy come; easy go.