Elon Musk's net worth drops below $1.1T after SpaceX slide
Business
Elon Musk just lost a chunk of his fortune: his net worth fell from $1.45 trillion to under $1.1 trillion after SpaceX's value slid by nearly 30%.
The rocket company's market cap dropped from $2.9 trillion to just over $2 trillion, costing Musk about $350 billion in a single week, according to Forbes.
SpaceX tumbles after $20B bond offering
SpaceX saw its biggest one-day drop on Monday, falling more than 16% after announcing a massive $20 billion bond offering to fund AI projects. Investors are questioning if these big bets can pay off.
Even so, SpaceX shares are still above their IPO price ($154 vs. $135).
The dip also matched wider tech market losses, Nasdaq was down 1.3%, with giants like Alphabet and Amazon slipping too.