Elon Musk is no longer a trillionaire, according to a report by Walla Money. Less than two weeks after crossing the $1 trillion mark, the world’s richest man is now estimated to be worth about $962 billion.
The report says Musk hit a historic peak on June 12, after a SpaceX stock offering lifted his fortune to roughly $1.1 trillion. A few days later, SpaceX shares rose another 40%, pushing his net worth to an estimated $1.45 trillion.
Since then, SpaceX stock has fallen sharply, down 31% from its peak, dragging down the value of Musk’s holdings. His wealth was also hit by new restrictions on Tesla shares worth about $116 billion. Under a new compensation-related agreement, those shares became restricted and conditional.
According to the report, Musk could lose the Tesla shares if he does not remain chief executive officer, or a senior executive responsible for product development, at least until January 2028. Last week, he also gave up Tesla shares worth $7.1 billion to cover the exercise price of options received under his 2018 pay package. The decline highlights how heavily his fortune depends on the market value of SpaceX and Tesla, though he remains the world’s richest person and is still close to the trillion-dollar threshold.