SpaceX’s drop-off sees Elon Musk’s net worth fall $240 billion—roughly the same value as computing giant IBM

Elon Musk’s rocket company Space X made him a trillionaire—the first on the planet. The historic IPO of the company earlier this month, which aims to make humanity a spacefaring civilization, saw the richest man on the planet’s net worth hit $1.1 trillion.Space Exploration Technologies Corp (Space X) is already among the world’s most valuable companies, briefly surpassing Amazon in the days following its market float when it soared to a valuation of $2.78 trillion.Musk owns approximately 5 billion shares in the company, meaning that a vast portion of his net worth is tied to the exploratory business. Despite SpaceX gaining some 20% in its first day of trading, a reality check soon sent its stock price downwards. The stock lost 16.43% yesterday, a selloff of approximately $400 billion. It’s market cap currently sits at $2.03 trillion. A further dampener on Musk’s fortune is the value of shares for EV maker Tesla. Over the past month, Tesla shares have been down 6.6%, and by more than 7% for the year to date. In turn, Musk’s net worth has dropped from a peak of $1.32 trillion to $1.08 trillion at the time of writing, per the Bloomberg Billionaires Index. The drop—between June 16 and a week later—is some $240 billion. The eye-watering figure is roughly the market cap of (if not a little more than) global technology company IBM, according to data from Trading Economics. In 2024, IBM reported it employed approximately 270,000 people. While the impact on Musk’s portfolio is fantastical, the fact remains that the entrepreneur is still the wealthiest individual on the planet and is still the only trillionaire on Earth. There’s also plenty of room for Musk to grow his wealth even further: When SpaceX published its S-1 on May 20, it revealed that on top of his current SpaceX holdings, Musk will be awarded an additional 1 billion restricted shares of Class B common stock if he hits 15 market capitalization milestones up to a value