Elon Musk is still the world’s richest person, but his fortune has taken a massive hit over the past week. According to Forbes’ Real-Time Billionaires List, Musk’s net worth stood at $725.1 billion as of July 24, 2026, keeping him at the top of the global wealth rankings.
The sharp fall came after Tesla shares suffered their worst weekly performance in years, while SpaceX shares dropped below their IPO price.
Together, the declines erased about $130 billion from Musk’s wealth in just one week, even though he continues to hold large stakes in both companies and remains far ahead of every other billionaire.
Why did Elon Musk’s net worth fall?
Most of Musk’s wealth comes from SpaceX and Tesla, so the fall in both stocks directly affected his fortune. Tesla shares dropped 18% during the week, their worst weekly performance since 2022. Investors reacted after the company’s second-quarter earnings missed expectations.
While revenue rose to $28.2 billion, adjusted earnings came in at 33 cents a share, well below analysts’ estimates of 50 cents. Tesla also reported negative free cash flow for the first time in two years as it continued spending heavily on projects such as robotaxis, the Optimus humanoid robot and AI chip factories.
The sell-off became even sharper after the earnings report. Tesla lost 14.1% in a single day, cutting about $18.6 billion from Musk’s fortune.
During the earnings call, Chief Financial Officer Vaibhav Taneja said the company still plans to spend $25 billion this year, while CEO Elon Musk described 2026 as a “massive capex year.”
How SpaceX’s slide added to Elon Musk’s losses?
The pressure did not stop with Tesla. After making a strong stock market debut last month, SpaceX has now slipped below its IPO price. The stock closed around $115, more than 43% below its peak, as repeated delays to Starship test flights raised fresh concerns among investors.
Musk had become the world’s first trillionaire after SpaceX’s public listing in June, but the recent fall has pushed his wealth far below that record. During the week, Musk even joked about the decline by calling himself “(former) trillionaire” in a post on X.
Investors are now watching two major events closely, the next Starship test flight and SpaceX’s first earnings report on August 4, which could influence the company’s share price.
Also Read: Elon Musk could become the first trillionaire on the back of a SpaceX IPO
More about Elon Musk’s wealth and businesses
Musk, 55, lives in Austin, Texas, and has 14 children. He is the co-founder of seven companies, including Tesla, SpaceX and xAI.
He owns about 38% of SpaceX, including stock options, and nearly 11% of Tesla, excluding unvested shares from his 2018 performance award. He also has stakes in Neuralink and The Boring Company.
Despite the recent losses, Musk’s wealth is still built mainly on the long-term value of SpaceX and Tesla. For now, he remains comfortably ahead of every other billionaire, although investors will closely watch whether both companies can regain momentum in the coming weeks.
