BUSINESS

United States tech selloff wipes out Musk trillionaire status

PUBLISHED Jun 27, 2026, 9:03 AM ET

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In the United States, SpaceX shares have fallen sharply only weeks after the company’s record-breaking initial public offering. SpaceX went public on June 12, 2026 on the Nasdaq under the ticker SPCX, raising about $75 billion at an initial price of $135 per share and debuting at a valuation near $1.77 trillion. Early trading briefly pushed its market value above $2.1 trillion, making founder and CEO Elon Musk a paper trillionaire. Amid a wider late-June 2026 technology selloff linked to interest rate concerns and artificial intelligence market fears, SPCX fell roughly 32 percent, cutting Musk’s net worth to about $970.2 billion by June 24.

By Daniel Hayes | JQJO News

Timeline of Events

June 12, 2026 SpaceX completes record-breaking public offering
June 12, 2026 Shares debut at $135 each
Mid-June 2026 Market value surpasses $2.1 trillion
Mid-June 2026 Elon Musk becomes paper trillionaire
June 16, 2026 Stock peaks at $225.64 intraday
Late June 2026 Tech selloff hits high-growth stocks
June 24, 2026 Musk net worth about $970.2 billion
June 26, 2026 SPCX closes near $153 after decline

News Intelligence

This tech selloff impacts your investments. If you own shares in tech companies, you might see a drop in value. It's a good time to review your portfolio. Consider your risk tolerance and investment goals.