{"id":808784,"date":"2026-07-18T19:34:20","date_gmt":"2026-07-18T19:34:20","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/808784\/"},"modified":"2026-07-18T19:34:20","modified_gmt":"2026-07-18T19:34:20","slug":"elon-musk-net-worth-spacex-ipo-stock-crash-wipes-out-1-trillion-market-cap-as-tech-sector-plummets","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/808784\/","title":{"rendered":"Elon Musk net worth: SpaceX IPO stock crash wipes out $1 trillion market cap as tech sector plummets"},"content":{"rendered":"

Elon Musk has had almost AUD $1 trillion shaved off his net worth as SpaceX comes under pressure on multiple fronts after its blockbuster IPO. <\/p>\n

Shares in the aerospace and technology company founded by Musk tumbled more than 5 per cent to $124 during Friday\u2019s trading session.<\/p>\n

The company has now lost roughly USD $700 billion (AUD $1 trillion) in market cap since the share price fell 45 per cent from the June high of almost $226. <\/p>\n

And Musk, whose fortune consists mostly of equity in SpaceX and Tesla, has suffered a USD $600 billion (AUD $859 billion) hit to his net worth.<\/p>\n

Just a month ago, shares in SpaceX were snapped up during their initial offering at $135.<\/p>\n

The company offered only a small portion of its total outstanding shares to the public – roughly 5 per cent – and surged when public demand collided with limited supply, making Musk the world\u2019s first-ever trillionaire as his net worth surged to USD $1.4 trillion.<\/p>\n

He has since lost trillionaire status, but remains by far the richest person on earth, with his fortune hovering at USD $800 billion or AUD $1.1 trillion.<\/p>\n

Google\u2019s Larry Page (USD $284 billion) and Sergey Brin (USD $262 billion) trail him, followed by Amazon\u2019s Jeff Bezos at $257 billion. <\/p>\n

Friday\u2019s SpaceX sell-off happened amid broader weakness as the S & P 500 lost more than 1 per cent, with the semiconductor and AI sectors hit particularly hard.<\/p>\n

But in addition to AI jitters and risk-off sentiment, SpaceX also has its own unique selling pressures.<\/p>\n

There are concerns about a massive supply influx as scheduled unlocks allow insiders and early investors to sell millions of shares, using recent buyers as \u201cexit liquidity\u201d. <\/p>\n

While Musk\u2019s massive stake (roughly 42 per cent) remains locked until mid-2027, the exit of thousands of early employees and institutional holders starting in August could keep the price under pressure.<\/p>\n

Many employees are now sitting on significant paper wealth, and a large number of them are expected to exercise their options and sell to diversify their portfolios.<\/p>\n

The unlocks aren\u2019t the only concern; SpaceX is also pre-profit and bleeding cash.<\/p>\n

While its Starlink satellite broadband unit is highly profitable, the broader company reported a $4.9 billion net loss for fiscal year 2025 and accelerating losses in Q1 2026. <\/p>\n

The financial strain stems from its merger with the money-losing AI firm xAI and aggressive capital spending on its Starship rocket and orbital AI data centres.<\/p>\n

Similar to Musk\u2019s EV company Tesla, which is currently pivoting toward autonomous robotaxis and AI, SpaceX\u2019s valuation is driven by the promise of future cash flows rather than present-day fundamentals. <\/p>\n

Wall Street is mostly bullish on the stock, however, with brokers on average expecting SpaceX shares to be worth $236, pointing to anticipated revenue growth in Starlink, AI compute, and Starship deployment.<\/p>\n

Elsewhere on Friday US time, mounting geopolitical tensions between the US and Iran caused a spike in oil prices.<\/p>\n

The Nasdaq 100 fell 1.5 per cent, and Netflix slumped more than 7 per cent on disappointing forecasts.<\/p>\n

South Korea\u2019s KOSPI index, which is closely-watched because it is dominated by the memory semiconductor companies Samsung Electronics and SK Hynix – crucial to the AI build-out – plummeted more than 6 per cent. <\/p>\n

Confidence in the semiconductor space was pressured further by the unveiling of a new, highly capable AI model from Chinese start-up Moonshot, sparking competition fears.<\/p>\n

Read related topics:Elon Musk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Elon Musk has had almost AUD $1 trillion shaved off his net worth as SpaceX comes under 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