Musk loses $300 billion as SpaceX stock crash deepens

The net worth of Elon Musk plummeted by more than USD 300 billion as a massive stock selloff for SpaceX extended into a third consecutive day, wiping out all gains made since its record-setting market debut.

According to Forbes, a 16.4% drop in share prices on Monday dragged the valuation of the rocket manufacturer below its initial close of USD 160 to under USD 155.

The rapid downturn has shaved nearly USD 928 billion off the market capitalisation of SpaceX since its peak on June 16, relegating the company from the fourth to the seventh-largest corporation globally.

Market analysts attribute the sharp decline to multiple factors, including a dismal triple-C sustainability rating from MSCI, which cited significant environmental, social, and governance risks.

Investor confidence was further shaken following an all-stock acquisition of artificial intelligence coding startup Cursor for USD 60 billion, a move heavily criticised by market researchers at Morningstar as a sizeable dilution of shares.

Despite losing USD 152 billion in a single day due to his 38% stake in the firm, Forbes reports that Elon Musk manages to maintain his status as a trillionaire, with an estimated wealth remaining just under 1.1 trillion dollars.