Elon Musk, the world's first trillionaire, saw his net worth plummet by $152 billion in a single day on Monday, June 22, 2026, after shares of SpaceX, the recently listed aerospace giant, crashed 16.43%. The selloff in technology and equity markets wiped billions from the fortunes of several of the world's richest men.
Musk's Wealth Halved?
Musk's wealth dropped from approximately $1.28 trillion recorded on Friday, June 19, to about $1.08 trillion, according to wealth trackers. Despite remaining the world's richest individual, the scale of the decline has sparked speculation that his trillionaire status may be at risk if the downward pressure on SpaceX shares persists. Market analysts attribute the decline to changing investor sentiment toward high-growth technology stocks, with several major tech billionaires witnessing steep reductions in their wealth.
"The selloff reflects growing caution among investors amid concerns over valuations and future earnings prospects in the technology sector," said a market analyst. SpaceX, which had enjoyed strong market enthusiasm following its listing, has now become one of the biggest casualties of the recent market correction.
Dangote Also Feels the Heat
The market downturn was not limited to the United States. Nigeria and Africa's richest man, Aliko Dangote, also recorded losses as the Nigerian stock market shed more than N2 trillion in market capitalisation. Data from billionaire wealth trackers show that Dangote lost about $54.4 million on Monday following a decline in the share price of Dangote Cement on the Nigerian Exchange (NGX). The latest setback came only days after the industrialist reportedly lost nearly $958 million, causing him to slip to the 67th position among the world's wealthiest individuals before recovering slightly to 66th place.
Dangote Questions Wealth Rankings
Dangote has repeatedly challenged estimates of his fortune published by global wealth trackers such as Forbes and Bloomberg. According to the billionaire businessman, a large portion of his assets is tied to privately held businesses whose valuations are not fully captured by public rankings. Market watchers believe his position could change dramatically in the near future. Expectations are rising that Dangote could climb into the world's top 20 richest individuals if his estimated $20 billion refinery eventually becomes publicly listed, a move analysts say could significantly boost the valuation of his empire.
For now, however, both Musk and Dangote serve as reminders that even the world's richest individuals are not immune to the volatility of global financial markets.
