Economist Peter Schiff said that Elon Musk lost roughly $150 billion on paper Monday after SpaceX (NASDAQ:SPCX) shares tumbled, a one-day paper loss larger than Warren Buffett’s total fortune, while noting Musk remains the world’s only trillionaire.
Schiff Says Musk Lost Buffett-Sized Fortune
"$SPCX fell 16.5% today. On paper, @elonmusk lost about $150 billion, more than Warren Buffett’s entire net worth. However, he’s still the world’s only trillionaire, so don’t feel sorry for him," Schiff wrote Monday on X.
Schiff’s post followed a 16.5% slide in SpaceX, wiping about $150 billion from Musk’s valuation in one session. Forbes estimates Buffett’s net worth at about $145 billion, putting the scale of Musk’s daily loss above the fortune of the Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK) chairman.
Despite the drop, Musk’s net worth remains well above $1 trillion, a threshold he crossed after SpaceX’s blockbuster IPO.
SpaceX Slide Wipes Out Massive Market Value
SpaceX closed down 16.43% at $154.60 Monday, extending a multi-day decline. The company has shed more than $400 billion in market value and fallen to seventh among the world’s most valuable companies, with a market capitalization of nearly $2.04 trillion.
MarketWatch reported that Monday’s $400.8 billion decline was the second-largest one-day value loss for a U.S. company. That amount roughly equals Palantir Technologies (NASDAQ:PLTR) and Robinhood Markets (NASDAQ:HOOD) losing their entire market values, plus another $19.1 billion disappearing.
Schiff has criticized Musk’s trillionaire status since SpaceX’s listing. In a June 12 post, he said Musk was "the first person to surpass J.D. Rockefeller as the richest private citizen ever," but argued that inflation-adjusted comparisons were flawed because Rockefeller "earned about $2 billion per year in real income," while Musk "earns nothing." He added, "What a difference a bubble makes."
Investors Still Bet On Musk’s SpaceX Vision
Meanwhile, SpaceX also announced a senior unsecured notes offering on Monday and disclosed it had $100.8 billion in cash and cash equivalents as of June 19.
Cathie Wood’s Ark Invest bought 210,121 SpaceX shares across four ETFs on Monday, adding roughly $32.5 million worth of stock at the day’s $154.60 closing price. The purchases extended Ark’s aggressive bet on SpaceX after it bought about 3.3 million shares on the company’s IPO day.
Bullish investors are still betting Musk can drive long-term returns at SpaceX. The company posted a $4.9 billion net loss in 2025 and lost $4.28 billion in the first quarter. But many investors who bought after the debut have seen most gains vanish in the pullback.
Even so, the IPO made Musk the world’s first trillionaire, minted thousands of new millionaires, according to a New York Times report and pushed some shareholder stakes above $1 billion.
According to Benzinga Edge Rankings, SpaceX stock provides an unfavorable price trend in the Short, Medium and Long term.
Price Action: SpaceX shares were up 1.42% to $156.80 during the after-hours trading session on Monday.
Photo Courtesy: Frederic Legrand – COMEO on Shutterstock.com
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