Daily fluctuations in Elon Musk’s net worth reflect SpaceX’s valuation being tied to costly artificial intelligence projects and space-based data centers.
A $26.3 billion loss in a single session and a drop below the trillion mark
The roller-coaster journey around the trillion-dollar threshold
A fortune tied to two stocks and SpaceX’s record IPO
The burdens of absorbing xAI and the space data center bet
Frequently asked questions
A $26.3 billion loss in a single session and a drop below the trillion mark
Billionaire Elon Musk fell back below the trillion-dollar threshold on Tuesday, October 13, 2026. Forbes reported that a decline in space company SpaceX’s shares shortly after market open lopped off about $26.3 billion from his net worth, just four days after he successfully climbed back above the historic line.
Forbes estimated Musk’s net worth at approximately $982.9 billion as of 10:20 a.m. Eastern Time on Tuesday.
His total wealth dropped by nearly 3.9 percent as SpaceX stock slipped more than 3 percent at the start of the trading session, noting that the magazine had announced his recapture of the trillionaire title on Friday, October 9.
The roller-coaster journey around the trillion-dollar threshold
Tuesday’s pullback was the latest in a series of instances this year where Musk crossed back and forth over the trillion-dollar line. Forbes noted that he regained the title on Monday, October 5, when SpaceX shares rose more than 5 percent and Tesla stock gained 1 percent, following a note from Morgan Stanley analysts who described the stock as “cheap”—a surge that pushed his fortune to about $1.046 trillion, according to Business Insider.
However, he did not stay at that peak for long. On Thursday, October 8, Forbes reported that Musk’s wealth had slipped back to roughly $991.6 billion.
That drop came as SpaceX shares fell amid investor concerns over a report that the company was in talks to raise $40 billion to buy Nvidia chips, alongside a dip in Tesla stock, before he climbed back above the trillion mark on October 9 according to a Charter 97 summary, only to drop again on Tuesday.
A fortune tied to two stocks and SpaceX’s record IPO
Forbes estimates that Elon Musk owns about 38 percent of SpaceX and roughly 11 percent of Tesla, meaning his net worth moves in tandem with the two companies’ stock market performance. In a historic initial public offering, SpaceX sold about 555.6 million shares at $135 apiece, raising $75 billion and breaking the global record set by Saudi Aramco’s 2019 IPO.
Musk first became a trillionaire on June 12, 2026, when SpaceX shares began trading on the Nasdaq, with Forbes estimating his net worth at roughly $1.1 trillion at the close of the first day.
However, SpaceX shares subsequently dropped 31 percent over several days, and with new restrictions placed on his $116 billion worth of Tesla shares, his fortune fell to about $962 billion. He then briefly regained the title in late June, lost it on July 1, and saw his wealth plunge below $700 billion in July when SpaceX stock stabilized at 50 percent below its June peak.
The burdens of absorbing xAI and the space data center bet
Tech publication Mashable noted that SpaceX has not yet achieved net profitability, largely due to the hefty costs stemming from the integration of Musk’s artificial intelligence venture, xAI, into its operations.
The site also pointed out that the bulk of the company’s massive market valuation rests on Musk’s ambitious future plans, chief among them the project to build and operate artificial intelligence data centers in outer space.
The report emphasized that this reliance on high-cost future promises explains the sharp daily volatility seen in the company’s stock and its founder’s wealth with every piece of chip-funding news.
Frequently asked questions
Question: What was Elon Musk’s net worth after the SpaceX stock drop on Tuesday?
Answer: Elon Musk’s net worth dropped by about $26.3 billion, or 3.9 percent, to settle at $982.9 billion according to Forbes estimates.
Question: How much did SpaceX raise in its Nasdaq IPO?
Answer: SpaceX sold 555.6 million shares at $135 per share on June 12, 2026, raising $75 billion and surpassing the record set by Saudi Aramco’s 2019 IPO.
Question: What is Elon Musk’s ownership stake in SpaceX and Tesla?
Answer: Forbes estimates that Musk owns about 38 percent of SpaceX and roughly 11 percent of Tesla.
Question: Why does SpaceX stock experience sharp market volatility?
Answer: Because the company is currently unprofitable due to the costs of absorbing the xAI artificial intelligence venture, negotiations to raise $40 billion for Nvidia chips, and its valuation relying on future projects like space data centers.
