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Elon Musk jokes he's a 'former' trillionaire as wealth falls to $700 billion
The billionaire's estimated fortune has fallen by more than $300 billion in just weeks following SpaceX's decline, prompting him to joke on X that he's a '(former) trillionaire'
- PUBLISHED: Wed 29 Jul 2026, 12:24 PM
Elon Musk's reign as the world's first trillionaire appears to have been short-lived, with the billionaire reportedly losing more than $300 billion in just a matter of weeks.
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The billionaire's fortune has now dropped by more than $300 billion, with most of the decline coming as the space company's share price tumbled in the weeks following its public listing.
Tesla's recent struggles have also added to the decline, further reducing Musk's estimated net worth.
Despite the losses, Musk remains the world's richest person, with an estimated $400 billion lead over the second-richest billionaire, Larry Page.
Musk addressed the reports with a brief post on X:
(Former) Trillionaire
— Elon Musk (@elonmusk) July 24, 2026
His post quickly sparked reactions across X, with one user joking:
"Let's organise a GoFundMe for him. Elon Musk was getting trillionaire edits a few months ago and now every headline is about how much money he just lost. Bro lost more money than entire countries will ever see."
Much of Musk's wealth is tied to his ownership stakes, meaning his net worth rises and falls alongside the performance of his companies.
Even after losing more than $300 billion from his estimated peak net worth, he still remains hundreds of billions of dollars wealthier than any other billionaire.
Whether his fortune rebounds or continues to decline will largely depend on how his companies perform in the months ahead.
Mariam Alrashdi is a lifestyle and entertainment reporter at Khaleej Times, with a focus on local trends, Emirati culture, and the arts.