Musk loses more than half his wealth... yet remains the richest person in the world

The wealth of businessman and the world’s richest person, Elon Musk, declined by approximately $89.6 billion during the latest trading session, falling to around $693.7 billion, a drop of 11.44%, according to data from the Forbes Billionaires List. This latest decline coincided with a 13.6% plunge in his company SpaceX’s shares during Wednesday’s session, marking its lowest closing price since its public listing and wiping out $224 billion from the company’s market capitalization in a single day. The stock drop followed the company’s first earnings results after transitioning to a publicly traded company, amid concerns over spending on artificial intelligence. At the same time, Tesla shares, in which Musk serves as chief executive officer, fell by about 1.77% during the trading session. Musk’s wealth had improved in recent days after SpaceX’s shares rebounded, prior to today’s sharp decline. His net worth has fallen from a peak of $1.45 trillion on June 16, 2026, representing a loss of nearly $756.3 billion, or about 52% of his wealth.