SpaceX Shares Slide, Erasing $87,200,000,000 From Elon Musk’s Wealth

Shares of the major aerospace and technology firm SpaceX (SPCX) have dropped sharply following the release of initial public earnings data.

Elon Musk’s net worth plunged from $783.3 billion to $696.1 billion, marking an 11.01% decline and wiping out $87.2 billion in the tech titan’s overall wealth as SPCX tumbled, reports Benzinga.

Musk became the world’s first trillionaire after SpaceX’s blockbuster public listing on June 12th, when it opened at $150 after an initial public offering price of $135. On the same day, SPCX climbed to as high as $160.95 before hitting a closing peak of $201.80 on June 16th.

By August 5th, shares of SPCX were in free fall, dropping to $108.29, marking a nosedive of more than 40% from its June peak and leaving Musk’s overall wealth down more than 30% to track the stock’s post-IPO decline.

The sell-off came after SpaceX released its first quarterly report as a public company. According to the report, the firm’s Q2 revenue climbed 92% to $7.8 billion, yet the company recorded a $541 million net loss alongside $18.4 billion in capital outlays.

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