SpaceX shares fell 16% on Monday, reducing Elon Musk's net worth to $1.1tn and wiping out over $152bn, according to Forbes estimates. The stock closed at $156, down from a peak of $225 last week but still above its IPO price of $135.
Market Volatility Hits SpaceX
The decline dragged SpaceX's market value from a peak of about $2.99tn to just over $2tn, a fall of almost $1tn. Danni Hewson, head of financial analysis at AJ Bell, said: "SpaceX might have seemed charmed after its record-breaking IPO and subsequent rally, but it's come down to earth with a bump over the past couple of days."
Broader Tech Selloff
Musk was also hit by a 5.8% drop in Tesla shares as the tech sector faced a broad selloff in AI and semiconductor stocks. The IPO was priced at $135, so early investors remain profitable, but the volatility reflects market uncertainty.
