Elon Musk’s net worth reached $711.8 billion as of July 24, 2026, cementing his status as the world’s richest person despite a dramatic decline from the peak wealth he achieved just weeks earlier. According to Forbes, Musk holds the top position on the real-time billionaires list, with his fortune up $32.1 billion from the previous trading day.
The Tesla and SpaceX CEO’s current net worth represents a significant retreat from his historic milestone on June 12, 2026, when he became the world’s first trillionaire following SpaceX’s blockbuster initial public offering. Reuters reported that SpaceX’s market debut pushed Musk’s net worth to $1.1 trillion, marking an unprecedented wealth milestone.
The dramatic swings in Musk’s fortune reflect the volatility of his two largest holdings: Tesla and SpaceX. When SpaceX began trading on the Nasdaq under the ticker SPCX, the company opened at $135 per share and surged 19 percent on its first day, closing at $161.11 and giving the rocket company a market value of $2.1 trillion, according to Forbes. The IPO raised $75 billion in what became the largest public offering in history.
However, the gains proved short-lived. By June 24, 2026—just 12 days after SpaceX’s debut—Musk had already lost his trillionaire status. The Guardian reported that as of 4 p.m. ET on that date, Forbes listed Musk’s net worth as $970.2 billion as SpaceX shares retreated approximately 30 percent from their post-IPO highs. Investopedia noted that SpaceX was trading about 30 percent off its peak following the IPO surge.
The decline accelerated through early July. Tesla’s stock performance became a critical drag on Musk’s wealth. On July 23, 2026, Tesla shares fell 14 percent—the worst day in a year for the company—wiping $18.6 billion from Musk’s net worth in a single session, according to Forbes. The stock plunge brought his fortune down to $731.7 billion on that day, though he maintained his ranking as the world’s richest person.
Musk owns approximately 11 percent of Tesla, which he has led as CEO since 2008, according to Forbes’s profile. He also holds 38 percent of SpaceX (including options), making both companies the core of his wealth. Forbes noted that the bulk of his fortune is held in SpaceX and, to a lesser extent, Tesla, with additional stakes in tunneling startup The Boring Company and brain implant company Neuralink.
The volatility surrounding Musk’s wealth stands in sharp contrast to the relative stability of other billionaires’ fortunes. When comparable wealth milestones have been reached in the past, they typically remained more stable. The speed of Musk’s ascent to and retreat from trillionaire status—spanning less than two weeks—underscores how concentrated his wealth is in two publicly traded companies whose stock prices can swing dramatically on market sentiment, company announcements, and broader economic conditions.
Sources
- Forbes — Elon Musk’s current net worth of $711.8 billion as of July 24, 2026, his ranking as world’s richest person, and details on his holdings in Tesla, SpaceX, and other companies
- Reuters — SpaceX IPO details and Musk’s net worth reaching $1.1 trillion on June 12, 2026
- The Guardian — Musk’s loss of trillionaire status on June 24, 2026, with net worth at $970.2 billion
- Investopedia — SpaceX stock decline of 30 percent from post-IPO highs
