Elon Musk’s fortune drops by $350 billion after sharp fall in SpaceX shares
Elon Musk’s net worth fell by about $350 billion in less than a week after SpaceX shares plunged and the company erased roughly $1 trillion from its market value. The drop came after a wave of investor selling, driven by concerns over the company’s lofty valuation and its huge spending on artificial intelligence and future projects.
According to the report, SpaceX’s market capitalization fell to about $2 trillion. Musk’s personal fortune declined to roughly $1.1 trillion, down from $1.45 trillion before the slide. The decline came only days after SpaceX completed a historic offering that made Musk the first person in the world to cross the $1 trillion mark in personal wealth.
At the peak of the rally, SpaceX was valued at more than $2.6 trillion, but it has since lost hundreds of billions of dollars in value. Even after the latest rout, the stock still trades above its original offering price.
The company says it holds more than $100 billion in cash, but it continues to report heavy losses because of major investments in artificial intelligence and in the next generation of space technology.
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