Elon Musk has reportedly suffered the largest personal wealth loss on record after a sharp decline in SpaceX’s stock wiped hundreds of billions of dollars from the company’s market value.
Gatekeepers News reports that the development came just days after SpaceX’s blockbuster public listing briefly pushed Musk’s net worth above the $1 trillion mark.
SpaceX shares have fallen sharply from their post-IPO highs, with the company losing more than $400 billion in market value in a single trading session. The stock dropped over 16 percent on June 22, marking its worst day since going public and one of the largest one-day market-cap declines ever recorded by a U.S. company.
The selloff has had a significant impact on Musk’s personal fortune because most of his wealth is tied to his holdings in SpaceX. Reports indicate that his net worth has fallen by hundreds of billions of dollars within days, making it one of the largest personal wealth declines in history.
Analysts have linked the decline to investor concerns over SpaceX’s valuation, broader weakness in technology stocks, and the company’s plans to raise billions of dollars through bond offerings to refinance existing debt. The stock had surged following its record-breaking IPO before reversing course amid market volatility.
Despite the setback, Musk remains the world’s richest individual by a wide margin, with his fortune still substantially exceeding that of other top billionaires.
