BUSINESS

United States tech selloff wipes out Musk trillionaire status

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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.

Prepared by Christopher Adams and reviewed by editorial team.

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

Why This Matters to You

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.

The Bottom Line

Market volatility is normal, especially in tech. Musk's net worth dip doesn't spell doom for SpaceX or the tech sector. Keep an eye on market trends, but don't panic. Remember, investing is a long-term game. Worth forwarding if you know someone with tech stocks.