Elon Musk has seen more than $350 billion wiped from his net worth as SpaceX shares slumped amid a wider tech stock sell-off. Musk, who holds a roughly 38% stake in SpaceX with 4.8 billion shares and 350 million stock options, had seen his fortune reach an estimated $1.1 trillion after the company's New York Stock Exchange debut earlier this month, when shares rose from $150 to $161 and the market value topped $2.1 trillion. By Tuesday, the share price had fallen to $151.90, down more than 16%, erasing over $600 billion in market value over three sessions. The sell-off, driven by doubts over debt-funded AI spending, also hit other tech heavyweights, and SpaceX itself announced plans to raise money through a bond offering partly to fund AI development.
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