Tesla (TSLA, Financials), the electric vehicle and energy company, and publicly traded SpaceX have erased an estimated $650 billion to $700 billion from Elon Musk's paper wealth in roughly five weeks.
SpaceX shares were trading near $113 Friday, about 16% below their $135 initial public offering price and roughly 50% below the stock's June 16 peak of $225.64.
The decline reduced the value of Musk's 42% economic stake in the aerospace company, though its dual-class share structure leaves him with about 82% of the voting power.
Tesla added to the losses after reporting second-quarter adjusted earnings of $0.33 per share, below the $0.50 consensus estimate. Operating income fell 56.9% from a year earlier to $398 million, while free cash flow turned negative as capital spending rose sharply.
Tesla shares fell 14.5% after the report, cutting an estimated $18.6 billion from Musk's wealth in one session.
SpaceX short sellers have accumulated about $15.5 billion in paper gains as bearish positions expanded.
Investors will now watch SpaceX's first public earnings report, the expiration of insider lockup restrictions and the next Starship test flight.