Elon Musk has shed $350 billion from his personal fortune in just six days, the largest wealth erosion in recorded history, after a brutal selloff in SpaceX stock reversed the euphoria of the company's record-breaking market debut.
SpaceX shares have fallen more than 31% since hitting a high of $225.64 on June 16, dragging Musk's estimated net worth down from an all-time peak of $1.45 trillion to just under $1.1 trillion. Monday alone saw SpaceX shares plunge 16.4%, wiping $152 billion from Musk's fortune in a single session.
To put that one-day loss in perspective, the $152 billion erased on Monday exceeds the entire net worth of legendary investor Warren Buffett, who built his wealth over seven decades.
A Stunning Reversal
SpaceX priced its IPO on June 12 at $135 per share. Within its first week of trading, the stock climbed nearly 40%, triggering a retail frenzy more commonly associated with meme stocks than aerospace contractors. At its peak, SpaceX briefly touched a $3 trillion valuation, ranking ahead of Amazon and Microsoft.
The company has since shed roughly $928 billion in market capitalisation, falling from a peak valuation of $2.99 trillion to around $2 trillion, dropping from the world's fourth-largest company to seventh, behind TSMC.