Elon Musk Records Historic $350bn Wealth Loss as SpaceX Stock Slump Erases Fortune

Elon Musk Records Historic $350bn Wealth Loss as SpaceX Stock Slump Erases Fortune

Elon Musk, chief executive of SpaceX and Tesla, has recorded the largest personal wealth decline in history after a sharp sell-off in SpaceX shares wiped an estimated $350 billion from his net worth within a week.

According to Forbes, Musk’s fortune fell from about $1.45 trillion to just under $1.1 trillion after SpaceX shares tumbled nearly 30 per cent from their peak reached on June 16.

The decline followed an extraordinary post-listing rally that saw SpaceX shares surge by as much as 67 per cent in the first three trading sessions after the company’s landmark initial public offering (IPO). The rally briefly pushed the aerospace company’s valuation above $1.8 trillion.

However, investor sentiment reversed sharply as the stock extended losses for three consecutive trading sessions, erasing approximately $928 billion in market value. SpaceX’s valuation fell from a peak of about $2.9 trillion to roughly $2 trillion.

Musk’s wealth remains heavily concentrated in his corporate holdings, including an estimated 38 per cent stake in SpaceX, an 11 per cent interest in Tesla, and investments across several technology ventures.

The Forbes report noted that SpaceX suffered its steepest single-day decline since becoming a publicly traded company on Monday, with the stock dropping 16.4 per cent after the company announced plans to issue its first investment-grade bond offering. The debt sale is expected to raise at least $20 billion to finance the expansion of its artificial intelligence initiatives.

Despite the recent sell-off, SpaceX shares closed Monday at $154, remaining above the company’s IPO price of $135 recorded on June 12.

Musk had become the world’s first trillionaire following SpaceX’s blockbuster market debut, with his net worth soaring to approximately $1 trillion on June 12 from $707 billion just two days earlier. The latest market correction, however, has erased a significant portion of those gains while leaving him among the world’s wealthiest individuals.