Elon Musk’s personal fortune has dropped by an estimated $350 billion in less than a week following a sharp decline in SpaceX shares after the company’s blockbuster stock market debut.
According to Forbes, Musk’s net worth fell from a peak of around $1.45 trillion to just under $1.1 trillion as SpaceX stock retreated more than 30% from its recent high.
The sell-off came after investors reassessed SpaceX’s soaring valuation and the company announced plans to raise billions of dollars through a bond offering. SpaceX shares have fallen about 27% over three trading days, wiping out hundreds of billions of dollars in market value.
Despite the massive decline, Musk remains the world’s richest person and the only member of the trillionaire club, with most of his wealth still tied to his holdings in SpaceX and Tesla.
If confirmed by wealth trackers, the latest drop would surpass Musk’s previous record wealth loss in 2022, when he became the first person to lose more than $200 billion in net worth. (Newswire)