Elon Musk’s net worth dropped by over $350 billion after SpaceX shares fell more than 31% from their peak following its IPO debut, erasing nearly $900 billion in market value.
His fortune slid from $1.45 trillion to just over $1.1trillion.
The decline was linked to a weak MSCI sustainability rating – one of the world’s largest stock market index provider – and concerns over governance and dilution from recent acquisitions.
Despite the setback, Musk remains a trillionaire as SpaceX continues to expand through major deals and debt refinancing.