Economist Peter Schiff highlighted that Elon Musk's estimated $150 billion single-day paper loss from a 16.5% drop in SPCX shares exceeds the total net worth of Warren Buffett. Schiff noted in a post on X that despite the decline, Musk remains the world's only trillionaire. He contrasted Musk's wealth, which fluctuates with market valuations, to John D. Rockefeller's inflation-adjusted annual income of roughly $2 billion, emphasizing that Musk earns no salary. The SPCX selloff also impacted tokenized stock offerings on crypto platforms, where demand had exceeded supply during the recent IPO.
Space Exploration Technologies Corp. Class A Common StockSPCX shares dropped 16.5%, causing a $150 billion paper loss for Elon Musk, the company's key figure.