Elon Musk suffers historic fortune drop as SpaceX valuation falls

Elon Musk, who is the CEO of Tesla, has faced the greatest personal financial loss in history as a result of the fall in the valuation of SpaceX, leading to the loss of around $350 billion of his money in one week.

As reported by Forbes on Tuesday, Elon Musk’s wealth has reduced from $1.45 trillion to $1.1 trillion after the decline of almost 30% in the share prices of SpaceX from its high on June 16.

The share prices of SpaceX have been quoted to jump up by as much as 67% in the first three days of trading following the listing of the firm at an incredible IPO value of over $1.8 trillion.

But the shares have now fallen in value for three consecutive days, resulting in the loss of close to $928 billion of market cap from a high of $2.9 trillion to about $2 trillion.

Musk’s wealth is reported to be primarily built on his 38 percent share of SpaceX, along with his 11 percent ownership of Tesla and other business investments.

According to the Forbes publication, SpaceX registered the sharpest drop in a single day since its listing as a public entity. The drop was by 16.4 percent after it made announcements regarding the launch of its first investment-grade bond issuance, which would raise a minimum of $20 billion in order to grow its artificial intelligence program.

It closed at $154 on Monday, higher than its IPO value of $135 on June 12.

The SpaceX IPO made Musk become the first person to be a trillionaire in the world, as his total wealth increased to $1 trillion from $707 billion as at June 12.