Elon Musk is no longer a trillionaire after a sharp decline in SpaceX shares erased hundreds of billions of dollars from his net worth in less than two weeks.
According to the Bloomberg Billionaires Index, the Tesla and SpaceX chief executive’s fortune dropped to approximately $946 billion on Thursday, falling below the trillion-dollar mark he crossed earlier this month.
Musk had become the world’s first trillionaire following the highly anticipated public listing of SpaceX. The company’s blockbuster market debut sent his wealth soaring from about $707 billion to more than $1.1 trillion within days.
The surge was driven by strong investor demand for SpaceX shares, which climbed as much as 67 percent during the first three trading days after the IPO. At its peak, the company was valued at more than $1.8 trillion.
However, the rally proved short-lived. SpaceX shares have come under pressure in recent sessions, triggering a steep decline in the company’s market value and significantly reducing Musk’s personal fortune.
Forbes reported that Musk’s net worth fell from $1.45 trillion to below $1.1 trillion after SpaceX shares lost nearly 30 percent of their value from a June 16 high.
The downturn has been severe. From a peak market capitalisation of roughly $2.9 trillion, SpaceX has shed an estimated $928 billion, reducing its valuation to around $2 trillion.
Much of Musk’s wealth is tied directly to SpaceX, where he holds a 38 percent stake. He also owns about 11 percent of electric vehicle giant Tesla, along with investments in several other technology ventures.
Investor concerns intensified earlier this week after SpaceX announced plans to launch its first investment-grade bond offering. The company aims to raise at least $20 billion to support its expanding artificial intelligence projects.
The announcement triggered a sharp sell-off, with SpaceX shares falling 16.4 percent in a single trading session on Monday.
Market data showed SpaceX shares trading at around $155 on Thursday, well below their post-IPO peak of $225.64. Despite the decline, the stock remains above its initial listing price of $135.
While Musk remains the world’s richest individual by a considerable margin, the latest market reversal highlights how rapidly fortunes can rise and fall when heavily linked to publicly traded companies.
