Elon Musk is no longer a trillionaire.
The SpaceX founder acknowledged his slight dip in fortune by posting on X that he is now a “(Former) Trillionaire.”
Musk briefly became the first person estimated to be worth more than $1 trillion following SpaceX’s blockbuster June public offering. His fortune eventually peaked at approximately $1.45 trillion on June 16 before the company’s shares began a steep retreat.
By Monday, July 27, Forbes estimated Musk’s net worth had fallen to $695.7 billion. SpaceX shares dropped another 4.8% that day to around $109.50, leaving Musk roughly $750 billion below his record high. Despite the historic loss on paper, he remains wealthier than any other person tracked by Forbes.
The billionaire’s post came just as he was launching another venture centered on cash.
X Money began rolling out to paid X subscribers on July 27, offering peer-to-peer payments, deposit accounts and a personalized Visa debit card. Musk celebrated the release by writing, “This is money.”
The timing followed Musk’s recent prediction that money “won’t matter” by 2036 as artificial intelligence and robots create greater abundance.