Elon Musk’s fortune has suffered one of the sharpest reversals ever recorded among the world’s richest people, falling by nearly $500 billion in less than two months as the post-IPO boom in SpaceX unwound.
The Forbes net-worth chart shows Musk at about $1.32 trillion on June 16 and $823.6 billion on Aug. 8, a decline of roughly $496.4 billion, or 37.6%, in 53 days. Forbes separately reported that his wealth briefly reached an intraday record of approximately $1.45 trillion on June 16, meaning the decline from the absolute peak was even larger.
Elon Musk Net Worth Falls From June Record․ Source: Forbes Real-Time Billionaires
The distinction matters because Musk did not lose hundreds of billions of dollars in cash. Forbes’ estimate changes primarily with the market value of assets he owns, particularly his enormous stakes in SpaceX and Tesla.
SpaceX Reversal Drives Musk’s Wealth Drop
SpaceX has been the biggest force behind the volatility.
The company priced its historic IPO at $135 per share and began trading in June. SpaceX then surged to an intraday high of $225.64 on June 16, dramatically increasing the value of Musk’s holdings.
The rally did not last. By July 27, SpaceX had fallen to around $109.50, roughly half its June peak, helping push Musk’s estimated fortune below $700 billion at one point. Forbes estimates that Musk owns about 4.8 billion SpaceX shares plus roughly 350 million options, making relatively small moves in the stock capable of producing enormous swings in his paper wealth.
The stock has since staged a significant rebound. SPCX jumped nearly 16% Friday and closed Aug. 7 at $133.11, just below its $135 IPO price. Even after that recovery, it remains about 41% below the June 16 high.
SpaceX Rebounds Toward Its $135 IPO Price․ Source: Thealphatradingpro via X
The supplied four-hour chart places immediate resistance around $133.48 to $135, making that area important after Friday’s surge. A sustained break above it would put the chart’s $145.07-$149.34 zone back in focus. Rejection, however, would leave the recent rebound vulnerable after shares only recently based around the $104.83-$110.85 demand area.
Those levels represent the chart analyst’s technical scenario, not a confirmed forecast.
Tesla Adds Another Layer of Risk to Musk’s Fortune
Tesla remains another major component of Musk’s wealth. The stock finished Friday at $328.58, up about 2.8% for the session.
Tesla Stock Tests Key Support and Resistance Levels․ Source: Colin Gladman (@colin_gladman) via X
The supplied daily chart shows Tesla sitting almost directly on the $327.15 Fibonacci level. Above the market, roughly $361.51 represents the next major chart barrier, while the 200-day moving average is considerably higher near $408.80.
On the downside, the chart identifies support around $296.06 and $288.15, followed by $256.82. Gladman’s posted scenario expects Tesla to potentially move higher toward resistance before weakening, but that remains one trader’s interpretation rather than an established market outcome.
Musk’s Wealth Loss Rivals Bezos and Page Combined
Musk’s recent wealth decline is roughly comparable to the combined fortunes of Jeff Bezos and Larry Page.
Forbes valued Page at $268.8 billion and Bezos at $242.6 billion on July 28, putting their combined net worth at about $511.4 billion. Over a similar period, Musk’s fortune fell by roughly $496.4 billion based on the points shown in the Forbes net-worth chart.
The comparison highlights the scale of the reversal after Musk’s wealth surged to record levels in June. Much of the swing has been tied to sharp moves in SpaceX and Tesla, two of the largest assets behind his net worth.
SpaceX has since recovered from its late-July lows and moved back toward its IPO price, helping Musk regain part of the wealth erased during the selloff. Further changes in SpaceX and Tesla shares are likely to remain key drivers of his net worth in the near term.