Elon Musk’s net worth drops below $700 Billion as SpaceX shares plunge nearly 50% from peak

Elon Musk’s fortune has fallen below $700 billion for the first time since December after another sharp drop in SpaceX shares on Monday. The fall has pushed the world’s richest man even further away from his brief stint as a trillionaire.

According to Forbes, SpaceX shares fell 4.8% to around $109.50 by 10:50 am EDT on Monday. The latest drop extended the stock’s decline to nearly 50% since it reached an all-time high of $225.64 on June 16.

Musk owns about 4.8 billion SpaceX shares and has another 350 million stock options. The fall in the stock price wiped $29.5 billion from his wealth, bringing his net worth down to around $695.7 billion.