Musk drops below trillionaire mark as SpaceX shares slide
SpaceX has shed more than $1 trillion from its peak value, while Wisconsin election officials referred bribery complaints against Musk to prosecutors.
By Hana Yoshida · Markets Reporter
3 min read
Elon Musk’s net worth has fallen below $1 trillion after a steep retreat in SpaceX shares, according to Fortune and Bloomberg’s billionaire index. The decline comes as Wisconsin election officials have asked prosecutors to examine bribery allegations tied to Musk’s spending in a 2025 state Supreme Court race, according to the Associated Press.
Fortune reported that SpaceX stock has lost more than $1 trillion in value from its peak price of $225 a share. The shares dipped below their $135 IPO price before recovering to $135.27, according to Fortune.
Bloomberg’s billionaire index now puts Musk’s fortune at $856 billion, Fortune reported. The drop means Musk is no longer technically a trillionaire, a status tied heavily to the market value of SpaceX.
SpaceX decline comes amid broader market weakness
Fortune reported that SpaceX fell 0.6% at the previous close and then gained 0.37% in overnight trading. The stock move came during a broader global selloff led by Asian markets.
According to Fortune, South Korea’s central bank raised interest rates and warned that more increases could follow as it tries to fight persistent inflation. Fortune reported that Asia is especially exposed to higher oil prices linked to the Iran war because the region imports much of its fuel.
The tech-heavy KOSPI fell 6.37%, according to Fortune, extending a monthly drop of 21.84% and pushing the index further into correction territory. Fortune reported that Nasdaq 100 futures were down 0.19% before the New York open.
Other markets were mixed, according to Fortune. S&P 500 futures were flat after the index rose 0.38% the previous day, while Europe’s Stoxx 600 fell 0.26% in early trading and the U.K.’s FTSE 100 was down 0.37% before lunch.
Fortune reported that Japan’s Nikkei 225 fell 2.79%, China’s CSI 300 dropped 1.85% and India’s Nifty 50 rose 0.15%. Brent crude traded at $84 a barrel, down from $86 the previous day, while bitcoin was at $64,000, according to Fortune.
Wisconsin complaints sent to prosecutors
Musk also faces legal scrutiny in Wisconsin over payments connected to the 2025 state Supreme Court election. The Wisconsin Elections Commission referred two complaints to the Brown County district attorney’s office, the Associated Press reported through Fortune.
The bipartisan commission found that Musk likely violated Wisconsin law when he promised $1 million checks to voters in the election, according to the AP. Fortune described the allegations as involving money given to people in Wisconsin if they promised to vote for Musk’s preferred state Supreme Court candidates.
According to the AP, Musk could potentially face criminal charges for election bribery. Prosecutors have 40 days to report back to the Wisconsin Elections Commission, Fortune reported.
The market decline and the Wisconsin referral place Musk under pressure on two fronts: the value of his largest private-sector holding and questions over his election-related activity. Both developments remain tied to outside decisions, with investors setting SpaceX’s market value and local prosecutors deciding how to respond to the commission’s referral.
This story draws on original reporting from Fortune.