Elon Musk's fortune takes a $300 billion hit as SpaceX sees $1 trillion rout in market value

Elon Musk's net worth fell to around $1.1 trillion as SpaceX stock plunged 16%, extending losses to a third straight session. The company's market cap dropped to about $2 trillion, losing roughly $928 billion from its June 16 peak, driven by concerns over heavy cash burn, rising debt, AI investment risks, and a low MSCI ESG rating. Broader weakness in technology stocks added to the pressure, with the Nasdaq 100 on track to erase more than $1 trillion in market value.