SpaceX lost nearly $1 tn since its peak, but Elon Musk retained his trillionaire status – A breakdown of his net worth

Just days after making history as the world’s first trillionaire following the stock market debut of SpaceX, Elon Musk’s fortune has dropped from $1.32 trillion to approximately $1.1 trillion at the time of writing, according to the Forbes Billionaire List. The decrease between June 16 and a week later is around 240 billion dollars.

SpaceX shares fell nearly 4% to about $149 at the open on Tuesday, continuing a weeklong slide that has wiped out nearly $1 trillion in market value from the company’s June 16 peak of $277 per share.

The recent decline in SpaceX’s share value brings its cumulative decline from its June 16 peak to over 30%. On Tuesday, the stock rebounded slightly after a big decline but remained in negative territory.

The space and artificial intelligence company posted big gains after its blockbuster IPO on June 12; SpaceX debuted at a valuation of around $1.8 trillion, which quickly rose to over $2.7 trillion, briefly making it more valuable than Amazon and Microsoft in terms of market cap.

SpaceX’s IPO enthusiasm fades

SpaceX shares soared after the company listed on Nasdaq, rising more than 50% above its $135 offering price as investors flocked to support Elon Musk’s ambitious vision for the space and technology giant.

However, the rally quickly lost momentum. By the end of last week, the stock had given up most of its post-IPO gains, leaving many investors who bought after the IPO with little to show for the initial rally.

The pullback also reduced profits for retail investors who secured IPO allocations through brokers such as Robinhood, Fidelity and SoFi. These shares were purchased at the IPO price of $135, although many individual investors received far fewer shares than they applied for (in some cases only a single share or a small allocation). This allowed investors to remain profitable despite the recent correction.