Musk's net worth has fallen to around $684 billion from a peak of nearly $1.33 trillion reached on June 16, when SpaceX briefly propelled him to become the world's first-ever trillionaire. The wealth erosion alone exceeds the total net worth of every other billionaire except Musk himself. The decline has been driven primarily by a steep correction in SpaceX shares following the company's blockbuster market debut. SpaceX shares have since slumped about 46 per cent from their peak to a record low of $108.37, wiping out hundreds of billions of dollars from Musk's fortune. The pressure on Musk's wealth has been compounded by weakness in Tesla shares.