Elon Musk Admits Former Trillionaire Status Amidst Fortune Decline

Elon Musk publicly acknowledged his net worth has fallen below $1 trillion, posting "(Former) Trillionaire" on X on July 24. This statement marks a rare concession from the tech mogul, whose fortune has experienced a significant decline. Musk's net worth first dropped below the $1 trillion mark on July 1 and continued to decrease. Specifically, SpaceX shares saw a further 4.8% drop on Monday, reaching approximately $109.50. This decline extends a 50% plunge from the stock's peak on June 16, pushing Musk's net worth below $700 billion for the first time since December. Forbes estimated his net worth at roughly $695.7 billion, a substantial decrease from the $1.45 trillion peak achieved six weeks prior, when SpaceX's initial public offering (IPO) briefly positioned him as the world's first trillionaire. In total, Musk has experienced an on-paper loss of approximately $750 billion, a sum nearly equivalent to the combined net worth of the next three wealthiest individuals: Larry Page (estimated at $268.5 billion), Sergey Brin (estimated at $270.6 billion), and Jeff Bezos (estimated at $252.6 billion).

This public admission of his financial status stands in contrast to Musk's recent pronouncements regarding the future of money. In an interview with The Economist editor-in-chief Zanny Minton Beddoes, conducted at Tesla's Gigafactory in Texas, Musk predicted that money would become largely irrelevant by 2036. He posited that advancements in artificial intelligence (AI) and robotics would lead to an unprecedented abundance of goods and services, surpassing human consumption needs. This forward-looking perspective on the diminishing importance of traditional currency was shared just days before the launch of X Money, a payment feature that Musk has been developing for years as part of X's broader strategy to evolve into an "everything app."

The unveiling of X Money, which Musk announced with the post "This is money" on X, began its rollout to Premium and Premium+ subscribers on July 27. This launch occurred during the same week that his personal fortune was experiencing a sharp decline. X Money introduces a digital wallet integrated within the X platform, offering users a deposit account, fee-free peer-to-peer transfers, and a metal Visa debit card linked to their X handle. This feature represents the initial phase of a plan that Musk first outlined in a 2022 investor pitch deck, envisioning X as a platform that could eventually rival China's WeChat in its comprehensive functionality. Visa has been confirmed as X Money's inaugural partner, indicating a significant strategic alliance for the new payment service.