Elon Musk Loses Trillionaire Status After 12 Days as Tesla, SpaceX Shares Plunge
Updated
Updated · The Guardian · Jun 30
Elon Musk Loses Trillionaire Status After 12 Days as Tesla, SpaceX Shares Plunge
3 articles · Updated · The Guardian · Jun 30
Summary
Elon Musk fell back below a $1 trillion net worth last Wednesday after only 12 days at that level, as declines in Tesla and SpaceX erased part of his recent gains.
A broader tech sell-off drove the drop, underscoring how quickly Musk’s fortune can swing with the market after rising by $322 billion between January and June.
The report says Musk’s wealth surge was amplified by a $290 million bet on the 2024 election, which was followed by closer ties to Donald Trump, tax cuts for the rich and government contracts for his companies.
It also points to SpaceX’s push for faster stock-index inclusion, a move that could channel retirement-fund money into the company and further tie Musk’s net worth to public markets.
Beyond the market move, the piece frames Musk’s brief trillionaire status as a flashpoint in a wider debate over inequality, political influence and oligarchic power in the US.