SpaceX Stock Slide Cuts Musk Net Worth by Over $500 Billion From June Peak

Elon Musk’s net worth has fallen more than $500 billion from its June peak of $1.45 trillion as SpaceX (SPCX) shares slid nearly 40% from record highs after the company’s Nasdaq debut. According to BeInCrypto, SPCX traded near $142.50 on Tuesday, up 1.74%, after hitting an all-time low of $136.78 on Monday; the stock peaked at $225.64 on June 16 after pricing its June IPO at $135. Musk holds 4.8 billion shares, about 42% of SpaceX, per the IPO filing. Evercore ISI initiated coverage Tuesday with an Outperform rating and a $230 price target.