Elon Musk suffers largest personal wealth loss after SpaceX stock decline

Elon Musk, the chief executive officer (CEO) of Tesla, has suffered the biggest loss of personal wealth ever recorded after a sharp decline in the value of SpaceX erased about $350 billion from his fortune in one week.

According to Forbes on Tuesday, Musk’s net worth fell from $1.45 trillion to just under $1.1 trillion following a nearly 30 percent drop in SpaceX’s share price from its peak on June 16.

SpaceX shares had reportedly surged to as much as 67 percent during the first three days of trading after the company’s record-breaking initial public offering (IPO), which valued it at more than $1.8 trillion.

However, the stock has since declined for three consecutive trading sessions, wiping out roughly $928 billion in market value from a peak of $2.9 trillion to about $2 trillion.

Musk’s fortune is said to be largely tied to his 38 percent stake in SpaceX, in addition to his 11 percent holding in Tesla and investments in several other ventures.

The Forbes report also said SpaceX recorded its steepest one-day decline as a publicly listed company on Monday, falling 16.4 percent after unveiling plans for its first investment-grade bond offering aimed at raising at least $20 billion to support its artificial intelligence expansion.

The stock closed at $154 on Monday — above the company’s IPO price of $135 on June 12.

Musk became the world’s first trillionaire after the successful IPO of SpaceX, with his net worth climbing to $1 trillion on June 12, from $707 billion recorded two days before.(TheCable)