Musk no longer a trillionaire as SpaceX stock continues slide

When SpaceX went public on June 12 with the biggest IPO in history, Elon Musk immediately cemented himself as the first ever trillionaire.

Now, less than two weeks later, Musk has already lost that trillionaire status — as SpaceX stock tumbles for the fifth consecutive trading day.

On SpaceX's IPO day, the stock immediately rocketed from the $135 initial public offering price to more than $170 per share. On June 16, the company — traded under the ticker name SPACX — would hit a high of $225 per share.

But June 16 was also the day SpaceX announced that it had acquired the AI coding agent Cursor for $60 billion. Shortly after, SpaceX's downward spiral on the stock market began.

On Monday, SpaceX stock plummeted 16 percent and has yet to recover. On Tuesday, Musk lost his trillionaire status and became a plain old billionaire again — at least for now. SPACX dipped to $152 a share in early trading, before recovering slightly, hitting $154 at the closing bell — about 1% down on the day.

Musk's net worth at the SPACX high water mark was around $1.1 trillion. According to Forbes’s Real-Time Billionaires list, Musk’s net worth Tuesday is $957 billion. The exact amount has ebbed and flowed throughout the day, but is still well below the $1 trillion mark.

SpaceX is not profitable, largely thanks to the hit it took by absorbing Musk's AI company, xAI. Its valuation is based largely on Musk's promises for the company's future, including the untested premise of AI data centers in space.

That makes the company's stock daily volatile. In other words, prepare to see Musk's net worth continue to bounce around between billionaire and trillionaire status for some time to come.