Musk net worth drops below $700 billion after SpaceX decline

Elon Musk has lost hundreds of billions of dollars in net worth over the past month, ending his brief status as the world's first trillionaire. The dramatic decline, one of the largest ever recorded for an individual, is primarily tied to a sharp drop in the value of his aerospace company, SpaceX, following its initial public offering in June.

According to financial trackers, Musk's net worth has fallen from a peak of approximately $1.45 trillion in mid-June to between roughly $695 billion and $833 billion by late July. This represents a decline of at least $488 billion, with some estimates placing the loss as high as $734 billion. The drop was driven by a steep correction in SpaceX shares, which have fallen by roughly 41% to 50% from their post-IPO high of around $225 per share. Concurrently, weaker-than-expected second-quarter results from Tesla, where revenue was $28.24 billion but adjusted earnings per share missed analyst estimates, contributed to the wealth erosion.

The wealth is largely paper wealth, tied to the market valuation of Musk's holdings. He owns an estimated 4.8 billion shares in SpaceX, meaning his net worth fluctuates by billions of dollars with each move in...