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
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