The chief executive officer (CEO) of Tesla, Elon Musk, has recorded the largest personal wealth decline ever reported after a steep fall in SpaceX’s share value wiped about $350 billion off his fortune within a week.
According to Forbes, Musk’s net worth dropped from $1.45 trillion to just under $1.1 trillion after SpaceX shares fell by nearly 30 percent from their peak on June 16.
The company’s shares had earlier surged by as much as 67 percent within the first three days of trading following its record-breaking initial public offering (IPO), which placed its valuation above $1.8 trillion.
However, the stock has since declined for three consecutive sessions, erasing about $928 billion in market value and pulling it down from a peak of $2.9 trillion to around $2 trillion.
The drop is largely tied to Musk’s 38 percent stake in SpaceX, alongside his 11 percent holding in Tesla and investments across other ventures.
Forbes also reported that SpaceX recorded its worst single-day performance as a listed company on Monday, falling 16.4 percent after announcing plans for its first investment-grade bond offering to raise at least $20 billion for artificial intelligence expansion.
Despite the decline, the stock still closed at $154 on Monday, above its IPO price of $135 on June 12.
Musk had earlier become the world’s first trillionaire following the SpaceX IPO, when his net worth rose to $1 trillion on June 12, up from $707 billion just two days earlier.