Musk said he is a “(Former) Trillionaire” after SpaceX and Tesla slid, with Forbes estimating his wealth at about $695.7 billion as X rolled out its X Money payments product.
Elon Musk’s wealth has fallen sharply since peaking at about $1.45 trillion after SpaceX’s June IPO, and Forbes now estimates his net worth at roughly $695.7 billion after a slide in both SpaceX and Tesla. Musk acknowledged the reversal in a July 24 X post calling himself a “(Former) Trillionaire,” after first dropping below $1 trillion on July 1 and then below $700 billion for the first time since December. The decline has been driven by a steep repricing in SpaceX and a selloff in Tesla. SpaceX shares fell another 4.8% on Monday to around $109.50, leaving the stock down about 50% from its June 16 high. Tesla shares dropped 14.5% on July 23 after second-quarter earnings showed adjusted earnings of $0.33 a share versus Wall Street expectations of $0.51-$0.54, while operating margin fell to 1.4% from 4.1% a year earlier. The timing has underscored Musk’s own recent comments about the future of money. Days before the X post, he told The Economist that money “won’t matter” by 2036 because AI and robotics could create more goods and services than people could consume. Around the same period, X began rolling out X Money on July 27 to Premium and Premium+ subscribers, giving users a built-in digital wallet, fee-free peer-to-peer transfers and a metal Visa debit card as part of Musk’s long-running effort to turn X into an “everything app.” Investors are now watching upcoming catalysts including SpaceX’s first earnings report as a public company, due August 4, after pressure from delayed Starship launches, a $60 billion all-stock acquisition of AI coding company Cursor and an August 6 lock-up expiration added to concerns over valuation.