Economist Peter Schiff has weighed in on former trillionaire Elon Musk‘s recent loss in wealth following Space Exploration Technologies Corp. (NASDAQ:SPCX) and Tesla Inc.‘s (NASDAQ:TSLA) recent stock declines.
Peter Schiff Says $100 Billion Is a Big Amount
In a series of posts on X on Friday, the Echelon Wealth Partners co-founder said that Musk lost nearly $100 billion in a week. “I’m old enough to remember when $100 billion was a lot of money,” he said.
Schiff then responded to a user in the thread, who said that Musk was creating value for the world and that the dip was not permanent. “I’m an Elon fan,” Schiff said, adding that the post was not criticizing the Tesla CEO. “I wish I was rich enough to ‘lose’ $100 billion in one week,” he said.
In another post, the investor said that losing the money did not impact Musk. “Elon is not in any pain. If I thought he was I would not have posted that,” Schiff said.
Tesla, SpaceX Slide
Tesla, which recently reported its second-quarter 2026 earnings, where it shared that it had recorded revenue of $28.24 billion for the quarter, which beat estimates. However, EPS of 33 cents per share missed Wall Street’s 50-cent consensus.
Tesla shares have declined nearly 18% in the last week, currently trading for $316.15 during overnight trading. Investor Gary Black of The Future Fund LLC had weighed in on the stock’s decline, saying that the management’s caution against scaling autonomy drove the decline.
Meanwhile, SpaceX, too, recorded sharp declines in its value, with the stock currently trading well below its IPO price of $135 at $114.10. SpaceX has declined over 25% in the last month. However, the decline has not stopped investor Ross Gerber from backing the company, urging investors not to bet against the stock.
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