Elon Musk has suffered a record-breaking loss of personal wealth in the United States this week, after a steep slump in SpaceX's share price wiped an estimated $350bn (£264bn) from the trillionaire's fortune in just seven days, according to Forbes calculations.
SpaceX stock earlier this month briefly turned Musk into the world's first trillionaire on paper. Shares in his rocket, satellite and artificial intelligence company surged as much as 67pc in their first three days of trading in New York following a blockbuster initial public offering that valued the group at more than $1.8tn. At its peak, the market capitalisation of SpaceX reached around $2.9tn, epitomising the AI-fuelled exuberance that has gripped parts of Wall Street.
