How Musk lost nearly $500B in a month
What's the story
Elon Musk's net worth has witnessed a massive decline in July, plummeting from about $1.32 trillion to some $832 billion. The drop is nearly 37% or around $500 billion, making it the fastest decline in wealth for a single individual ever recorded. The major contributor to this steep fall was SpaceX, whose shares reportedly fell between 41% and 45% during the month.
Market impact
SpaceX's fall impacts Musk's net worth
The decline in SpaceX's value has reportedly wiped out more than $1 trillion from its market capitalization. This comes after an unsuccessful Starship launch raised investor concerns.
Tesla's weaker-than-expected financial results have also contributed to Musk's wealth decline. The company reported a second-quarter revenue of $28.24 billion and adjusted earnings of $0.33 per share on July 22.
These numbers missed analysts' expectations by 38.51%.
Funding efforts
Musk seeks fresh capital for The Boring Company
Despite the dip in his fortune, Musk is actively seeking fresh capital for The Boring Company, his tunnel-building business.
The firm is reportedly in talks to raise some $4 billion in a new funding round at a valuation of about $20 billion.
If successful, this deal would more than triple the company's 2022 valuation of $5.7 billion.
Company profile
The Boring Company remains under the radar
Despite being one of Musk's ventures, The Boring Company has remained largely under the radar.
It currently operates the Vegas Loop transportation system and has proposed or announced tunnel projects in Nashville, Dubai, Baltimore, Chicago, and Los Angeles.
As of mid-2026, the company reportedly employs between 687 and 707 people with annual revenue estimates ranging from about $25 million to $500 million.