Elon Musk’s net worth fell by $240 billion in the week following June 16, erasing roughly the equivalent of IBM’s entire market capitalization. The decline came after shares of his rocket company SpaceX lost 16.43% in a single day, a selloff of approximately $400 billion that pushed its market cap down to $2.03 trillion. Musk, who owns about 5 billion SpaceX shares, saw his fortune drop from a peak of $1.32 trillion to $1.08 trillion, according to the Bloomberg Billionaires Index. The slide was compounded by a 6.6% decline in Tesla shares over the past month. Despite the loss, Musk remains the world’s only trillionaire and the wealthiest individual on the planet.
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