Elon Musk’s fortune has suffered a major decline after shares of his space company, SpaceX, extended their sharp sell-off, wiping an estimated $350 billion from his wealth within a week.
The decline followed a steep fall in SpaceX’s stock price after the company’s strong market debut, which had briefly pushed its valuation close to $3 trillion and helped make Musk the world’s first trillionaire.
SpaceX shares fell further on Tuesday, continuing a three-session decline that erased more than $600 billion in market value and pushed the company’s valuation closer to $2 trillion.
The sell-off was triggered by investor concerns over SpaceX’s valuation, increased spending plans, debt obligations, and broader weakness across technology stocks.
The company’s plans to raise billions through debt issuance to support expansion efforts have also added pressure on investor sentiment.
Musk, who owns a significant stake in SpaceX, has seen his net worth closely track the company’s market performance. The decline in SpaceX’s valuation has therefore had a direct impact on his paper wealth.
Despite the recent losses, SpaceX remains one of the world’s most valuable technology companies, with investors still watching its long-term ambitions in space exploration, satellite internet, and artificial intelligence.
The latest decline highlights the volatility of high-growth technology companies, particularly those that experience rapid valuation increases after major market events.
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