Musk’s fortune drops $350 billion as SpaceX shares slide more than 30% from June 16 peak

SpaceX shares have fallen more than 30% from their June 16 peak, wiping about $928 billion from the company’s market value and weighing on sentiment across technology stocks. The report names Palantir and Micron among the S&P 500’s biggest decliners on the session, while the Nasdaq 100 was set to shed more than $1 trillion in value. Although SpaceX is not publicly listed, the article frames an “IPO” context and says the valuation swing has intensified scrutiny of richly valued tech assets and concerns over the durability of AI capital spending.