- media@moneyinfocus.news
SpaceX shares extended their decline on Wednesday, falling more than 1% and adding to a sharp post-IPO selloff that has reduced the company’s market value and lowered Elon Musk’s estimated net worth below the $1 trillion mark.
According to the Bloomberg Billionaires Index, Musk’s fortune declined to approximately $946 billion, down from a peak of about $1.3 trillion reached following SpaceX’s public market debut earlier this month. Despite the recent decline, his wealth remains substantially higher than at the beginning of the year.
The decline coincided with losses in both SpaceX (SPCX) and Tesla (TSLA), the two companies that account for the majority of Musk’s wealth. Because much of his net worth is tied to equity holdings, fluctuations in the companies’ share prices have had a direct impact on his estimated fortune.
SpaceX shares closed near $154, extending losses that have brought the stock more than 25% lower over the past five trading sessions and approximately 30% below its post-IPO high. The shares are now trading close to their opening level following the company’s June 12 initial public offering.
Bearish positioning has also increased. According to Reuters, short interest in SpaceX rose to approximately 13% of the company’s public float, compared with 8% in the previous session, indicating a growing number of investors are betting on further declines in the stock.
The recent pullback follows an initial rally after SpaceX’s market debut, which briefly made the aerospace company one of the world’s most valuable publicly traded businesses.
