A sharp sell-off in SpaceX shares has erased $350 billion from Elon Musk’s fortune, marking the largest personal wealth loss ever recorded.
Elon Musk has suffered the biggest personal wealth loss in history after a dramatic slump in SpaceX shares wiped an estimated $350 billion from his fortune in just one week.
According to The Telegraph, Musk’s net worth tumbled from $1.45 trillion to just under $1.1 trillion as SpaceX stock fell nearly 30 percent from its post-IPO peak. The decline follows a spectacular rally that briefly made the billionaire the world’s first trillionaire earlier this month.
SpaceX, which debuted on the stock market at a valuation of more than $1.8 trillion, has now shed around $928 billion in market value from its peak. Investor concerns intensified after the company announced plans for a major bond offering to help fund its artificial intelligence ambitions.
Despite the sharp drop, SpaceX shares remain above their IPO price. The sell-off has also rattled wider markets, with major technology stocks and global indexes coming under pressure.
The Telegraph reports that Musk’s latest setback eclipses his previous record loss of $165 billion during Tesla’s stock plunge in 2022.
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