Elon Musk admitted it himself: he’s no longer a trillionaire.
On July 24, Musk posted “(Former) Trillionaire” on X, a rare public acknowledgment from a man who rarely concedes ground. The post came as his fortune kept sliding. He’d first dropped below $1 trillion on July 1, and the losses continued from there. This week alone, SpaceX shares fell another 4.8% on Monday to around $109.50, extending a 50% plunge since the stock’s June 16 high and pushing Musk’s net worth below $700 billion for the first time since December.
Forbes put the figure at roughly $695.7 billion, down from the $1.45 trillion peak he hit six weeks earlier when SpaceX’s IPO briefly made him the world’s first trillionaire. All told, Musk has lost about $750 billion on paper, nearly the combined net worth of the next three richest men in the world, Larry Page (roughly $268.5 billion), Sergey Brin (roughly $270.6 billion), and Jeff Bezos (roughly $252.6 billion).
The post is also ironic given what Musk had just told The Economist. Days earlier, in a wide-ranging interview with editor-in-chief Zanny Minton Beddoes at Tesla’s Texas Gigafactory, Musk predicted that money “won’t matter” by 2036, arguing AI and robotics will eventually produce more goods and services than anyone could consume.
