Tesla Inc. (NASDAQ: TSLA) shares have declined nearly 16% from their recent peak of $453.40 reached on 13 May 2026, closing at $381.59 on Wednesday 10 June. The decline represents the seventh drop for TSLA over the previous nine trading sessions, reflecting sustained selling pressure over approximately one month.

The prolonged slide has reduced Elon Musk's net worth by approximately $51.5 billion, bringing his estimated fortune to $782 billion according to Forbes' Real-Time Billionaires list. Despite the reduction, Musk remains the world's richest person by a significant margin, ahead of Google co-founders Larry Page at $290.9 billion and Sergey Brin at $268.3 billion, who rank second and third respectively. Alphabet Inc. (NASDAQ: GOOGL) co-founders Page and Brin hold their wealth primarily through GOOGL.

JPMorgan Chase and Co. (NYSE: JPM) revised its TSLA price target to $475 in a note led by analyst Rajat Gupta last week, sharply reversing the firm's prior projection of a 65% decline to $145 per share. The analysts cited TSLA's focus on autonomous driving and robotics over near-term earnings as a key consideration, describing the company as being at the "forefront of physical AI" and "unmatched at industrial level scale." Musk responded to JPM's updated note on X with the comment "lol."

The TSLA stock decline has occurred in parallel with growing investor attention on SpaceX, Musk's privately held aerospace company, which is preparing for its stock market debut. SpaceX is expected to finalise its IPO pricing on Thursday, targeting a share price of $135 and aiming to raise $75 billion, which would value the company at approximately $1.77 trillion.

Musk holds a 42% stake in SpaceX. At the $135 target IPO price, his combined SpaceX shares and options would add approximately $688 billion to his estimated net worth, according to Forbes calculations.