Elon Musk no longer a trillionaire as SpaceX stock falls

Elon Musk is no longer a trillionaire after a sharp fall in the share prices of his companies, especially SpaceX and Tesla, during Tuesday's (23 June) global stock market sell-off, according to Bloomberg Billionaires Index.

Musk's net worth has now fallen to about $957 billion. Earlier this month, Musk briefly became a trillionaire after SpaceX launched its historic IPO and the company's valuation crossed $2 trillion.

The stock had reached an intraday high of $225 on 16 June, but later dropped to around $156 by Tuesday's close. This means SpaceX shares fell more than 30% from their recent peak, as per the report by Business Insider.

Tesla shares were also hit during the broader technology stock sell-off, which further reduced Musk's wealth. Bloomberg data showed that Musk's SpaceX stake was still worth about $744 billion, making it his biggest asset and accounting for nearly 80% of his total wealth. His Tesla stake was valued at around $158 billion.

Investors have recently become worried that artificial intelligence companies may be overvalued, leading to fears of an AI bubble. Concerns about possible interest-rate increases have also put pressure on technology stocks. Some analysts have questioned whether SpaceX deserves such a high valuation because many of its biggest projects are still years away from becoming a reality.

SpaceX losses raise fresh questions

SpaceX's IPO filing revealed that the company reported a $4.9 billion loss in 2025. The filing also showed that SpaceX's AI business spent $12.7 billion in capital expenditures.

Even though Musk has lost his trillionaire status for now, analysts note that his wealth could rise again if SpaceX and Tesla shares recover. While Musk's fortune was falling, he was also talking about a future where money may become unnecessary because of artificial intelligence, according to Fortune.

Elon Musk says money may become useless

Musk shared these views during a recent conversation with entrepreneur Peter Diamandis. Musk said he believes AI and robots will eventually produce so many goods and services that humans will struggle to find work for them to do.

According to Musk, advanced robots will be able to perform most tasks that humans currently do. He argued that AI systems and robots could create products and services at such a massive scale that society would enter a period of abundance.

Musk said that when goods and services become extremely abundant, their prices could continue falling, creating a deflationary environment.

He suggested that robots could provide cheap labour while the money supply remains relatively unchanged. Because of this, Musk said he believes traditional currency may eventually lose its importance. Musk directly stated that "money will stop being relevant at some point in the future", as cited by Fortune report.

Economists remain sceptical about how quickly AI will replace human jobs and whether society can transition smoothly to the future Musk describes. Some experts believe widespread automation could take much longer than Musk predicts.

Experts also question how governments would support workers whose jobs are replaced by AI, according to Fortune.

Despite losing his trillionaire status, Musk remains the world's richest person, but his comments show that he believes future AI technology could eventually make money itself far less important than it is today.