Elon Musk’s paper wealth fell by roughly $650 billion to $700 billion in five weeks, according to the Bloomberg Billionaires Index. At the close of trading on July 23, the index estimated his wealth at about $738 billion. Six weeks earlier, after SpaceX completed its initial public offering on June 12, the company’s valuation reached $2.64 trillion and Musk’s paper wealth rose to around $1.45 trillion.

Much of the loss was tied to SpaceX shares, which fell 41.41 percent from their June 16 peak through the July 23 close, dropping from $201.80 to $118.24. The company’s market capitalization stood at $895.24 billion, more than $1 trillion below its peak valuation. The report cited news of a Starship launch delay, fading IPO enthusiasm and broader market reconsideration of high valuations for AI-related companies.

Tesla provided a second setback despite reporting $28.24 billion in second-quarter revenue and record deliveries of 480,126 vehicles. Its non-GAAP earnings per share of $0.33 missed the $0.5367 analyst forecast, while operating income declined 56.88 percent year on year. Tesla shares closed July 23 at $319.69, down 14.52 percent for the day. Musk nevertheless remained the world’s richest person, with about $650 billion more wealth than the second-ranked individual.