Elon Musk's Paper Wealth Drops by $650 Billion in Five Weeks as Tesla and SpaceX Shares Decline
In five weeks from June to July 2026, Elon Musk’s paper wealth has dropped by approximately $650 billion due to steep declines in the stock prices of both Tesla (NASDAQ:TSLA) and newly public SpaceX (NASDAQ:SPCX). SpaceX's shares fell nearly 41% since their post-IPO peak on June 16, while Tesla lost over 28.9% year-to-date after a disappointing Q2 earnings report that showed significant declines in operating income and margin. The drop for SpaceX was driven by delayed progress with the Starship launch program, waning post-IPO enthusiasm, and broader market reassessments of AI-linked valuations. Tesla's stock fell sharply on July 23 following an earnings miss where non-GAAP EPS came in well below expectations and operating income dropped nearly 57% year-over-year due to increased spending across multiple initiatives. While the losses are currently paper-based, with no realized sales reported yet from Musk’s holdings, market watchers are closely monitoring Tesla's Q3 guidance for signs of recovery and SpaceX's upcoming lockup expiration event. If these developments go poorly, further declines in stock value could increase Musk’s unrealized loss significantly.
Topics: Elon Musk IPO performance SpaceX Tesla wealth loss