Elon Musk’s fortune has shrunk by nearly $350 billion in less than a week as a sharp selloff in SpaceX shares has eroded nearly $1 trillion from the company’s market value, raising fresh questions about the sustainability of its post-IPO rally.

Market estimates put Musk’s net worth at about $1.1 trillion after SpaceX shares extended their losing streak to a third straight session on Monday. The stock tumbled 16%, taking its cumulative decline from its June 16 peak to more than 30%.

The drop comes after a buoyant start to trading that briefly pushed SpaceX’s market cap to nearly $3 trillion, making it the world’s fourth most valuable listed company ahead of Amazon and Microsoft.

The company is now valued at nearly $2 trillion, ranking seventh globally behind Taiwan Semiconductor Manufacturing Co (TSMC). Since its peak, SpaceX has lost roughly $928 billion in market value.

Musk owns about 38% of SpaceX, including 4.8 billion shares and stock options, making the slide particularly painful for the billionaire entrepreneur.

The sell-off has been fueled by growing investor concerns about SpaceX’s high valuation, heavy cash burn and mounting debt as the company ramps up investment in artificial intelligence. While investors initially rewarded the company for its dominant position in space launch, Starlink satellite services and AI ambitions, attention has now turned to the execution risks associated with those investments.

Broader weakness in technology stocks added to the pressure. The Nasdaq 100 was on track to erase more than $1 trillion in market value on Tuesday as chipmakers and large-cap technology stocks fell sharply.

Investor sentiment also weakened after MSCI assigned SpaceX a CCC ESG rating, the lowest on its seven-level sustainability scale. The index provider said the company lags peers due to its exposure to and management of significant environmental, social and governance risks.

Adding to concerns, SpaceX announced on Monday that it plans to issue bonds to refinance short-term loans, preferring to raise debt rather than dilute existing shareholders through another equity sale.

The correction marks a dramatic reversal from the share’s blockbuster debut. SpaceX surged nearly 67% from its IPO price of $135 to nearly $225 a share, as investors rushed to gain exposure to Musk’s businesses spanning rockets, satellite communications and artificial intelligence.

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Despite the recent correction, SpaceX remains one of the world’s most valuable listed companies and is expected to join the Nasdaq-100 index in the coming weeks, which could attract new demand from passive funds and exchange-traded funds that track the benchmark.

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