Elon Musk loses record $350 bn in a week as SpaceX valuation tumbles, no more trillionaire

Elon Musk has suffered one of the largest wealth declines ever recorded, losing an estimated $350 billion in just a week as the valuation of his space exploration company, SpaceX, witnessed a sharp downturn.

The unprecedented decline has pushed Musk's net worth below the trillionaire threshold, with the Bloomberg Billionaires Index estimating his current fortune at around $957 billion.

The losses accelerated over two consecutive days. On Monday, Musk reportedly lost more wealth than legendary investor Warren Buffett's entire fortune of approximately $146 billion.

The decline continued on Tuesday, when his net worth dropped by another $118 billion, a figure exceeding the entire estimated fortune of Indian billionaire Gautam Adani, whose wealth stands at around $117 billion.

The combined losses over the week have erased roughly $350 billion from Musk’s  personal fortune.

Analysts attribute the sharp decline largely to a fall in the valuation of SpaceX, which has been the primary driver of Musk's meteoric rise in recent years.

Musk owns approximately 4.76 billion shares in SpaceX. Following the company's historic fundraising and valuation surge, SpaceX had previously crossed a valuation of $2 trillion, helping Musk's net worth reach a record $1.27 trillion.

However, the recent valuation correction has significantly reduced the value of his holdings, leading to one of the biggest wealth wipeouts in billionaire history.

The decline means Musk is no longer considered a trillionaire, a milestone he had briefly achieved as SpaceX and other ventures soared in value.