The world’s richest person lost nearly $90 billion in a single day after a sharp decline in the value of his biggest asset.

Elon Musk’s net worth dropped from roughly $783.3 billion to $696.1 billion, a decline of $87.2 billion, or 11.1%, according to the latest estimates from the Forbes Billionaires Index.

The hit came as Space Exploration Technologies Corp. (NASDAQ:SPCX) shares slumped nearly 13% after the company’s first earnings report as a public company, with investors focusing on surging AI-related capital spending despite revenue beating expectations.

Capital expenditures soared to $18.4 billion in the quarter, fueling concerns over profitability and cash burn.

Musk became the world’s first trillionaire after SpaceX’s blockbuster IPO on June 12. Since peaking days later, his fortune has shrunk by over 30%, closely tracking the stock’s post-IPO decline.

QUICK CONTEXT: SpaceX’s IPO Roller Coaster Deepens

SpaceX shares have travelled from euphoria to a bear-market-sized decline in less than two months. The company priced its IPO at $135 on June 11 and began Nasdaq trading the next day. The stock opened at $150, closed its debut at $160.95 and reached a closing peak of $201.80 on June 16.

That early surge quickly reversed. By August 4, SpaceX had fallen to $125.30 before its first quarterly report as a public company, leaving it 38% below its peak and 7% below the offering price. Valuation concerns, heavy investment requirements and an approaching release of restricted shares all added pressure.

The August 4 report intensified the swings. Second-quarter revenue rose 92% to $7.8 billion, but SpaceX recorded a $541 million net loss and $18.4 billion of capital spending, including $15.8 billion directed toward artificial-intelligence infrastructure.

Shares dropped another 13.6% on August 5 to about $108.29. That left the stock roughly 20% below its IPO price, 33% below its first-day close and 46% beneath its June closing peak. The rapid reversal shows how investors are balancing SpaceX’s growth against its spending, losses and unusually high expectations.

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