Full Breakdown
Elon Musk’s Fortune Falls Below $700 Billion as SpaceX and Tesla Shares Plunge
7/28/2026, 8:03:30 AM
Core Event
In early July 2026, SpaceX shares slid 4.8% to roughly $109.50, extending a 50% decline that began after the stock’s all-time high on June 16. The drop, together with a 15% slide in Tesla stock after its second-quarter earnings, cut Elon Musk’s net worth by more than $20 billion, bringing the billionaire’s fortune to $695.7 billion—below the $700 billion threshold for the first time since December 2025. Musk acknowledged the change on X, describing himself as a “former trillionaire.”
Background & Context
Musk’s wealth surged to $1.45 trillion on June 16 following SpaceX’s initial public offering, making him the world’s first trillionaire. He crossed $700 billion in December 2025, reached $800 billion in February, and peaked again in June before the recent rout.
Data & Statistics
- SpaceX share price: $108.66 intraday, about 20% below the $135 offering price and more than 50% below the record high of $225.64 recorded last month.
- Tesla share price: around $307 after a 15% plunge, down roughly 30% from the start of the year. Second-quarter net profit fell to $1.114 billion, 5% lower year-over-year and missing the $1.3 billion market forecast.
- Net-worth impact: Forbes calculated a $29.5 billion reduction, leaving Musk at $695.7 billion. The overall decline since the June peak totals about $750 billion.
Official Statements & Responses
Musk’s self-deprecating X post signaled personal acknowledgment of the wealth dip. JPMorgan analyst Seth Seifman warned that investors would scrutinize the latest Starship launch, expecting “progress and setbacks” through 2027. Morgan Stanley analysts noted that a share price below $100 could signal that investors see “no value” in SpaceX’s AI business, while other market observers expressed concerns that the company’s spending on space and connectivity may outweigh its uncertain economics.
Verbatim Quotes
- “Investors may have concluded, after examining the financial statements, that SpaceX's risks are greater than expected.” — David Meier, senior analyst at The Motley Fool
