Elon Musk’s net worth has fallen by an estimated $350 billion within a week following a sharp decline in SpaceX shares, according to Forbes estimates.
The drop reduced Musk’s fortune from about $1.4 trillion on June 16 to approximately $1.1 trillion as of Tuesday, after a sustained selloff wiped nearly $1 trillion from SpaceX’s market value.
SpaceX shares fell 16% on June 22, extending losses from their post-IPO peak to more than 30%. The decline pushed the company’s valuation from nearly $3 trillion to around $2 trillion, causing it to slip from the world’s fourth most valuable listed company to seventh place globally.
Musk, who owns roughly 38% of SpaceX through shares and stock options, has been particularly affected by the downturn. Forbes estimates that Monday’s trading session alone erased more than $152 billion from his personal fortune.
The company’s stock had surged in the days following its IPO, rising nearly 67% above its listing price of $135 per share and briefly trading around $225. Investor enthusiasm over SpaceX’s space, satellite and artificial intelligence businesses had propelled the company to record valuations before the recent correction.
Since peaking on June 16, SpaceX has lost an estimated $928 billion in market capitalization, marking one of the fastest declines in paper wealth recorded in stock market history.
Analysts have attributed the selloff to concerns over SpaceX’s valuation, governance structure and broader weakness across technology stocks. Some investors have questioned Musk’s level of control over the company, while sustainability concerns also weighed on sentiment after reports that MSCI assigned SpaceX a CCC rating, the lowest on its sustainability scale.
Investor confidence was further affected after SpaceX disclosed plans to issue bonds to refinance a short-term loan, opting to raise debt instead of issuing additional shares.
The decline comes amid broader weakness in the technology sector, with major technology stocks and chipmakers also facing selling pressure.
