Elon Musk’s net worth has fallen by an estimated $350 billion in about one week, dropping to around $1.1 trillion as of Tuesday, according to Forbes estimates.
The decline marks a sharp reversal from June 16, when his wealth was estimated at approximately $1.4 trillion, driven largely by a steep selloff in SpaceX shares following the company’s recent public listing.
According to Forbes, the rapid drop was triggered by consecutive days of losses that erased nearly $1 trillion from SpaceX’s market capitalisation over three trading sessions.
SpaceX shares reportedly plunged by 16 percent on June 22, extending a decline of more than 30 percent from their post-listing peak.
The company, which briefly reached a market capitalisation of about $3 trillion after its IPO, has since fallen to around $2 trillion, slipping behind rivals such as Taiwan Semiconductor Manufacturing Company in global rankings.
Musk, who owns an estimated 38 percent stake in SpaceX including billions of shares and stock options, has been significantly affected by the downturn.
Forbes estimates that Monday alone wiped more than $152 billion off his personal fortune, contributing to what analysts describe as one of the fastest contractions in paper wealth in market history.
SpaceX stock had surged in the days following its IPO, climbing nearly 67 percent above its listing price of $135 per share to around $225 per share before reversing course.
Since its June 16 peak, the company has reportedly lost approximately $928 billion in market value, according to Forbes calculations.
Analysts have pointed to concerns over the company’s high valuation following its public debut, as well as governance questions surrounding Musk’s dominant control structure.
Investor sentiment was further affected after MSCI reportedly assigned SpaceX a CCC rating on its sustainability scale, citing environmental, social and governance risks and perceived weaknesses in compliance standards.
The company also disclosed plans to issue bonds to refinance short-term debt rather than raise fresh equity, a move interpreted by some market observers as evidence of ongoing funding pressures.
Broader weakness in the technology sector added to the selloff, with the Nasdaq 100 also experiencing significant declines amid pressure on major chipmakers and large-cap tech stocks.
Despite the volatility, SpaceX remains one of the most closely watched technology firms globally, with its performance continuing to have a major impact on Musk’s overall wealth profile and investor sentiment in the broader tech industry.
