Elon Musk Loses $152bn in One Day as SpaceX Shares Crash, Dangote Drops Nearly $1bn
- Elon Musk's net worth plummets by $152 billion due to SpaceX's stock decline
- Aliko Dangote faces substantial losses as the Nigerian stock market sheds over N2 trillion
- Market volatility raises questions about billionaire wealth rankings and future valuations
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The fortunes of some of the world's richest men took a major hit on Monday, June 22, 2026, as a selloff in technology and equity markets wiped billions of dollars from their net worth.
At the centre of the rout was Tesla CEO and the world's first trillionaire, Elon Musk, whose wealth plunged by an astonishing $152 billion in a single day after shares of SpaceX, the recently listed aerospace giant, tumbled 16.43%.
Source: Getty Images
The sharp decline erased a significant portion of Musk's fortune, reducing his net worth from approximately $1.28 trillion recorded on Friday, June 19, to about $1.08 trillion.
Despite remaining the world's richest individual, the scale of the decline has sparked speculation that Musk's historic trillionaire status may be at risk if the downward pressure on SpaceX shares persists.
Investors turn cautious on tech stocks
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.
SpaceX, which had enjoyed strong market enthusiasm following its listing, has now become one of the biggest casualties of the recent market correction.
Although Musk still maintains a sizeable lead over other billionaires globally, analysts say sustained weakness in SpaceX's valuation could reshape the global wealth rankings in the months ahead.
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.
Source: Getty Images
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.
Elon Musk is richer than many countries
Legit.ng earlier reported that Elon Musk has reportedly become the world’s first trillionaire, crossing a staggering net worth of over $1 trillion after the soaring valuation of his companies, especially SpaceX and Tesla.
The milestone has sent shockwaves across the financial world, not only because of the sheer size of the fortune involved, but because Musk’s wealth now reportedly exceeds the gross domestic product (GDP) of several major countries.
The billionaire entrepreneur, known for leading Tesla, SpaceX, xAI, and social media platform X, has long dominated global wealth rankings. However, reaching trillionaire status places him in an entirely new financial league never before seen in modern history.
Source: Legit.ng
