&imwidth=800&imheight=600&format=webp&quality=medium "Days after becoming world's first trillionaire, Elon Musk loses record $350 billion")
Elon Musk has suffered the largest personal wealth decline ever recorded after a sharp drop in the value of SpaceX.
The billionaire's net worth fell by $350 billion within a week as shares of his rocket company slid nearly 30 per cent from their peak reached last Tuesday. According to Forbes estimates, Musk's fortune has declined from $1.45 trillion to just under $1.1 trillion.
The scale of the loss exceeds the net worth of the world's second-richest person, Larry Page, estimated at slightly above $299 billion.
Musk became the world's first trillionaire earlier this month following the blockbuster stock market debut of his rocket, satellite and artificial intelligence company. Investor enthusiasm drove SpaceX shares up as much as 67 per cent during their first three trading days after a record-setting initial public offering that valued the company at more than $1.8 trillion.
Since then, the stock has retreated for three straight sessions, erasing roughly $928 billion in market value. The company's valuation has fallen from a peak of $2.9 trillion to just over $2 trillion.
This is not the first major setback for Musk's wealth. He previously held the record for the largest single loss of personal fortune when his net worth dropped by an estimated $165 billion in 2022 amid a steep decline in Tesla shares.
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Musk's fortune is largely tied to his 38 per cent holding in SpaceX, along with an 11 per cent stake in Tesla and ownership interests in several other start-ups.
SpaceX recorded its worst trading day since becoming a public company on Monday, with shares plunging 16.4 per cent after the company announced plans for its first investment-grade bond offering. The move aims to raise at least $20 billion to support its artificial intelligence expansion plans.
The fundraising effort has intensified concerns about whether major technology companies can continue financing the enormous investments required to compete in the AI sector. SpaceX said on Monday that it holds more than $100 billion in cash.
Despite the recent sell-off, SpaceX shares ended Monday at $154, remaining above the company's initial public offering price of $135.
However, enthusiasm surrounding artificial intelligence stocks and the SpaceX listing appears to be cooling across global markets.
The Nasdaq index in New York fell 1.3 per cent on Monday, weighed down by a 5 per cent decline in Alphabet shares and a 4.8 per cent drop in Amazon.
Market volatility extended to Asia on Tuesday. Trading on South Korea's benchmark Kospi index was temporarily halted after a sharp sell-off in AI chipmakers pushed the index down by 10 per cent. Japan's Nikkei fell 3.6 per cent, while US stock futures also pointed to significant losses before the opening bell.
