Elon Musk saw approximately $650 billion of his paper wealth evaporate in five weeks following the volatile public debut of SpaceX.
Elon Musk experienced a significant reduction in his estimated net worth after the high-profile initial public offering of SpaceX. Following a peak valuation of $1.45 trillion just weeks ago, Musk’s fortune fell to approximately $738 billion as SpaceX shares dropped 41% from their post-IPO high. This decline was compounded by a 15% daily drop in Tesla shares, driven by second-quarter earnings that missed analyst expectations due to heavy spending on robotaxis and humanoid robots. The administration's tech landscape continues to be shaped by Musk's ventures, which have transformed commercial spaceflight and accelerated electric vehicle adoption. While the "trillionaire" status was a temporary mark-to-market figure, Musk remains the wealthiest person on the planet. Investors are now watching for the upcoming SpaceX lockup expiration and the next Starship test flight to determine if the stock will stabilize. Despite the recent market volatility, Musk continues to support the far right, recently defending his endorsement of fringe parties against criticism from traditional media.