Elon Musk’s net worth drops $350bn in a week amid SpaceX share selloff

Elon Musk’s net worth fell by an estimated $350 billion in about one week, dropping to roughly $1.1 trillion on Tuesday, according to Forbes. His wealth had stood at $1.4 trillion on June 16 before a sharp selloff in SpaceX shares erased nearly $1 trillion from the company’s market capitalisation over three sessions. SpaceX stock plunged 16% on June 22, extending its decline from its June 16 peak to over 30%, reducing its valuation from nearly $3 trillion to about $2 trillion. Musk owns roughly 38% of SpaceX (4.8 billion shares and options), so the selloff hit his fortune hard—Forbes says Monday alone wiped out more than $152 billion from his net worth. The downturn was driven by investor concerns over SpaceX’s post‑IPO valuation, governance issues, and a MSCI CCC rating highlighting environmental, social and governance risks. SpaceX also announced plans to issue bonds to refinance a short‑term loan, signalling ongoing cash needs despite its $75 billion IPO. Broader tech weakness added pressure, with the Nasdaq 100 on track to erase over $1 trillion in market value on Tuesday. For Nigerians holding global tech stocks or considering such investments, this episode shows how quickly paper wealth can vanish in volatile sectors. Will you review your exposure to high‑volatility tech assets or stick with diversified, lower‑risk options?

SOURCE: https://nairametrics.com/2026/06/23/elon-musk-loses-350-billion-in-one-week-as-spacex-shares-tumble/