Elon Musk confirms former trillionaire status as SpaceX plunges 50%
Elon Musk confirms former trillionaire status as SpaceX plunges 50%.
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On July 24, Elon Musk confirmed on X that he is now a former trillionaire.
The tech tycoon's wealth skyrocketed following the initial public offering (IPO) of SpaceX (Nasdaq: SPCX) more than a month ago on June 12.
The space technology and artificial intelligence (AI) company also disclosed in its filing that it holds 18,712 Bitcoin (BTC) on its balance sheet. As Bitcoin trades at $64,151.11, these holdings are currently worth $1.2 billion. Musk himself has often talked positively of cryptocurrencies like BTC.
Related: SpaceX stock hits an all-time low below IPO price, what it means for its 18,712 BTC
The SpaceX stock made a blockbuster Nasdaq debut and hit the all-time high (ATH) of $225.64 on June 16. Musk turned from the world's leading billionaire to its first trillionaire following the stock price surge.
But the SpaceX stock has since plunged by 50% and was trading at $114 at the time of writing. The plunge has led to a decline in Musk's wealth too, and he just confirmed that he is no longer a trillionaire.
The decline in the SpaceX stock's price is also reflected in the related contracts being traded by crypto traders.
SpaceX-linked contracts on Hyperliquid , the decentralized exchange built primarily to trade high-leverage perpetual futures, found a large number of takers among crypto traders.
The SpaceX contract on Hyperliquid tracks the value of 1 share of common stock in SpaceX. The contract's price action closely mirrors that of the Nasdaq-listed stock, whether it's a surge or a crash.
While the SPCX-USDC pair hit the ATH of $228.74 on June 16, it was trading at $114.50 at the time of writing—again, a decline of 50%.
The contract had a trading volume of $227 million and an open interest of $164 million within the last 24 hours.
Related: Wall Street's bullish ratings fail to lift Musk's SpaceX contract
This story was originally published by TheStreet on Jul 24, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
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