Elon Musk’s net worth has dropped below $900 billion after a decline in SpaceX shares wiped out more than $500 billion from his fortune in less than a month. The reversal follows a strong rally that made Musk the world’s first trillionaire after SpaceX’s public market debut in June. As the stock declined toward its listing price, Tesla shares also fell, further eroding his overall wealth.
Despite the recent losses, the Bloomberg Billionaires Index still ranks Musk as the world’s richest person by a wide margin.
SpaceX Share Decline Cuts Musk’s Wealth
According to the Bloomberg Billionaires Index, Musk’s fortune fell to $879.3 billion on Monday after another decline in SpaceX shares.
SpaceX shares, listed on Nasdaq under the ticker SPCX, debuted on June 12 at $135. The stock rallied above $225 after the listing before reversing course. By July 17, the shares were trading around $126 after extending a long sell-off.
The stock has declined in 11 of its first 17 trading sessions and now trades by more than 38% below its post-listing high. Bloomberg also recorded a $40.7 billion single-day decline in Musk’s wealth on July 17 as Tesla shares moved lower alongside SpaceX.
IPO Momentum Gives Way to Valuation Reset
SpaceX raised $75 billion during its initial public offering after pricing 555.6 million shares at $135 each. Total proceeds later increased to $85.7 billion after underwriters exercised the greenshoe option.
Following the listing, the company’s market value exceeded $2 trillion before retreating as the stock lost momentum. Tesla shares also declined by 3% during the latest sell-off, adding further pressure to Musk’s overall wealth.
Analysts Maintain Higher Price Targets
Recent market performance has not altered SpaceX’s operational schedule. On Monday, the company launched 27 additional Starlink satellites from Vandenberg and is scheduled to conduct Starship Flight 13 on Thursday, carrying 20 functional Starlink V3 satellites.
Meanwhile, Evercore ISI opened coverage of SpaceX with an Outperform rating and a $230 price target, representing roughly 65% gain from recent trading levels. The firm’s projections estimate annual revenue growth of 106% through 2028, with margins expanding from 35% to 69%. The target is close to the broader analyst consensus of $236.
Related: SPCX Drops 16% Despite SpaceX Landing $6.3B AI Compute Deal
