- SpaceX stock has plunged since hitting a high of $225 a share last month.
- The losses have erased some $700 billion in Elon Musk's personal wealth.
- Even with the declines, Musk remains the richest person in the world by a large margin.
Multi-billion dollar swings in the wealth of the world’s richest individuals and families are a regular happening thanks to market fluctuations and portfolios that are heavily dependent on investment.
For instance, in just the past day, computer titan Michael Dell saw over $17 billion erased from his personal war chest, Chinese businessman Wang Weixiu and his family lost $4.2 billion and U.S. software and data center mogul Larry Ellison’s fiscal worth dropped by $4 billion. On the other side of the accounting tallies, three different Walton family trusts each saw gains of over $3.5 billion in just the last 24 hours, according to real-time tracking by Forbes.
But tech titan Elon Musk has recently been riding the most dramatic swings among this elite group, becoming the first trillionaire in history just a month ago following the public stock debut of SpaceX.
While his individual worth peaked at over $1.4 trillion on June 16, the figure has been steadily eroding. His personal wealth, per Forbes, is currently at $708 billion, and following $7.6 billion in additional losses in the last 24 hours as of midday on Tuesday. The next richest individual, per the Forbes list, is Google cofounder Larry Page whose personal wealth was just under $270 billion Tuesday.
What’s been going on with SpaceX?
SpaceX stock was trading at just over $115 per share near the midpoint of regular trading Tuesday, down from a high of around $225 and below both the IPO pricing of $135 per share and market debut rate of $150 per share. On Monday, SpaceX stock hit its lowest level since the June 12 public markets debut, selling for just over $109 per share at one point before inching back up.
SpaceX is Musk’s space vehicle manufacturing and launch business. The company’s holdings include the Starlink satellite internet service and network, artificial intelligence startup xAI, as well as the X social media platform, formerly Twitter, that xAI acquired in 2025.
Industry watchers say SpaceX’s long-term prospects are tied heavily to the success of its Starship rocket, which is still under development, and its artificial intelligence business. The company is making heavy investments into both areas but has yet to see a profit from either endeavor.
SpaceX’s pre-IPO filings with the U.S. Securities and Exchange Commission reveal that while the company brought in $18.7 billion in revenues in 2025, up sharply from 2024, it still lost almost $5 billion last year. Among SpaceX’s various brands, only Starlink has recently shown a profit.
SpaceX’s first earnings report as a public entity is set for Aug. 4 when the company will release its second quarter financial data.
A report from MarketWatch notes that federally required disclosure will not only be providing a financial update to investors but also opening the door to a potential mass stock sell-off, a dynamic that could drag SpaceX share prices even lower. That’s because up to 37% of SpaceX insider shares subject to a 180-day lockup schedule could be released for trading next month, with the first tranche of as much as 911.5 million shares set to be freed up on Aug. 6, per MarketWatch.
Stock held by Musk and select other insiders, which together account for over 63% of pre-IPO outstanding shares, is subject to a longer lockup.