Tech billionaire Elon Musk has reportedly lost an estimated $350 billion from his personal fortune within a week following a sharp decline in SpaceX shares.
According to a Forbes report, Musk’s net worth fell from an estimated $1.4 trillion on June 16 to approximately $1.1 trillion by Tuesday after a major selloff wiped significant value from SpaceX.
The decline comes as SpaceX shares reportedly experienced three consecutive sessions of heavy losses, with the stock plunging 16 percent on June 22 and extending its total decline from its recent peak to more than 30 percent.
The selloff is said to have erased nearly $1 trillion from SpaceX’s market capitalization, reducing the company’s value from almost $3 trillion to around $2 trillion.
At its peak valuation, SpaceX briefly ranked among the world’s most valuable publicly traded companies, ahead of several global technology giants. However, the recent downturn reportedly pushed the aerospace company down the rankings.
Musk remains SpaceX’s largest shareholder, owning approximately 38 percent of the company through shares and stock options. As a result, fluctuations in the company’s value significantly affect his personal wealth.
According to the report, more than $152 billion was wiped from Musk’s net worth in a single trading session as investor sentiment weakened.
Analysts have linked the decline to concerns over SpaceX’s valuation following its public listing, as well as questions surrounding corporate governance and shareholder control.
Investor confidence was also reportedly affected after MSCI assigned SpaceX a CCC rating, the lowest level on its sustainability scale. The cited rating concerns environmental, social, and governance risks.
Additional pressure emerged after SpaceX disclosed plans to issue bonds to refinance short-term debt rather than raise fresh equity capital, a move some investors interpreted as a sign of ongoing financing needs.
The broader technology sector has also experienced volatility in recent trading sessions, contributing to the pressure on major growth stocks.
Reports indicate that SpaceX shares have continued to struggle since reaching their post-IPO highs, erasing a significant portion of the gains recorded after the company’s market debut.
Despite the reported losses, Musk remains one of the wealthiest individuals in the world, with major stakes in SpaceX, Tesla, xAI, Neuralink, and other ventures continuing to contribute substantially to his overall fortune.
