SpaceX Shares Fall 16.43 Percent, Cutting Musk Net Worth by $240 Billion

SpaceX shares fell 16.43 percent on June 22, erasing roughly $400 billion in market value and bringing the company's capitalization to $2.03 trillion. The decline followed an initial public offering completed earlier this month. SpaceX stock had risen 20 percent on its first trading day and reached a peak valuation of $2.78 trillion, briefly exceeding Amazon's market value.

Elon Musk owns about 5 billion shares in SpaceX. His net worth climbed to $1.1 trillion after the offering before falling $240 billion between June 16 and June 23, according to the Bloomberg Billionaires Index. Tesla shares, which also contribute to Musk's holdings, declined 6.6 percent over the past month and more than 7 percent year to date as of June 23.

SpaceX filed its S-1 registration on May 20. The filing states that Musk will receive an additional 1 billion restricted Class B shares if the company meets 15 market-capitalization milestones up to $7.5 trillion and establishes a permanent human colony on Mars with at least 1 million inhabitants.

AkademikerPension, a $25 billion Danish pension fund, declined to invest in SpaceX before the offering, citing overvaluation and governance concerns.

Nvidia chief executive Jensen Huang holds a net worth of $173 billion, up $18 billion year to date, with Nvidia shares rising 10.5 percent in the same period. Meta chief executive Mark Zuckerberg's net worth stands at $201 billion after a $32 billion year-to-date decline, while Meta shares have fallen 13 percent year to date.

Prediction market Kalshi currently assigns Huang 50 percent odds of becoming the next trillionaire and Zuckerberg 23 percent odds.