Bitcoin

<p>A sharp selloff in SPCX shares on Monday led to an eye-catching statistic: Elon Musk's paper wealth fell by an estimated $150 billion in a single day, a figure that economist <a href="https://www.thestreet.com/crypto/markets/gold-bull-issues-sharp-warning-to-real-estate-investors" rel="noopener noreferrer nofollow">Peter Schiff </a>noted exceeds the entire net worth of legendary investor Warren Buffett.</p>
<h2 id="a-16-5-drop-by-the-numbers">A 16.5% drop, by the numbers</h2>
<p>In a <a href="https://x.com/PeterSchiff/status/2069201451197317204" rel="noopener noreferrer nofollow">post on X</a>, Schiff noted that SPCX fell 16.5% during the session. Applied to Musk's stake in the company, that decline translated to an estimated $150 billion paper loss for the day alone, a figure large enough on its own to exceed Buffett's total net worth.</p>
<p>Schiff was quick to frame the loss in context. Despite the scale of the one-day decline, he pointed out that Musk remains the world's only trillionaire, adding dryly that there was no need to feel sorry for him.</p>
<p><strong><a href="https://www.thestreet.com/crypto/investing/worlds-largest-bitcoin-holder-has-never-sold-a-single-coin" rel="noopener noreferrer nofollow">Related: World's largest Bitcoin holder has never sold a single coin</a></strong></p>
<blockquote>
 <p>“<strong>However, he's still the world's only trillionaire, so don't feel sorry for him</strong>,” he wrote in the post.</p>
</blockquote>
<h2 id="spacex-s-crypto-crossover">SpaceX's crypto crossover</h2>
<p>The SPCX selloff also has a crypto angle worth noting. When SpaceX listed on Nasdaq at $135 per share on June 12, the largest IPO on record, the tokenized version of its stock drew over $1 billion in investor demand across crypto platforms.</p>
<p>Bybit, Bitget Wallet, and Binance Wallet had all offered subscriptions to SPCXx, a tokenized SpaceX product issued through xStocks, a protocol that wraps real equities into blockchain tokens.</p>
<p>The demand far exceeded supply, and <a href="https://www.thestreet.com/crypto/trading/major-exchanges-cancel-spacex-ipo-allocations" rel="noopener noreferrer nofollow">all three platforms canceled</a> their campaigns on listing day, issuing refunds. For crypto-native investors watching Monday's 16.5% decline, the volatility is a reminder of the asset they tried, and largely failed, to access at IPO.</p>
<h3 id="popular-on-thestreet-roundtable">Popular on TheStreet Roundtable:</h3>
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<h2 id="a-pattern-in-schiff-s-commentary-on-musk-s-wealth">A pattern in Schiff's commentary on Musk's wealth</h2>
<p>This is not the first time Schiff has used Musk's fortune to make a broader point about how modern wealth is measured. Following SpaceX's IPO earlier this month, Schiff noted <a href="https://x.com/PeterSchiff/status/2065457727304773776" rel="noopener noreferrer nofollow">in a post</a> that Musk had become the first person to surpass John D. Rockefeller as the richest private citizen in history.</p>
<p>But he was quick to add a caveat. Adjusted for more than a century of inflation, Schiff said Rockefeller's real income amounted to roughly $2 billion a year, earned, not merely held on paper. <a href="https://www.thestreet.com/crypto/markets/elon-musk-has-blunt-proposal-for-u-s-treasury" rel="noopener noreferrer nofollow">Musk, by contrast</a>, draws no salary from his companies.</p>
<blockquote>
 <p>“<strong>Rockefeller earned about $2 billion per year in real income. Musk earns nothing. What a difference a bubble makes</strong>,” Schiff shared in the X post.</p>
</blockquote>
<h2 id="two-posts-one-argument">Two posts, one argument</h2>
<p>Taken together, Schiff's remarks underscore his broader argument that the massive swings in Musk's net worth are largely a reflection of market valuations and investor sentiment, rather than actual income or cash in hand.</p>
<p><a href="https://www.thestreet.com/investing/michael-burry-skeptical-spacex-urges-restraint" rel="noopener noreferrer nofollow">The SPCX decline</a>, in his framing, illustrates exactly how quickly paper wealth tied to a single company's valuation can swing by triple-digit billions in a single session, gains or losses that Rockefeller's era of compounding annual income never had to contend with.</p>
<p>Whether SPCX shares recover in the sessions ahead remains to be seen. For now, Schiff's commentary continues to <a href="https://www.thestreet.com/crypto/investing/ex-trump-advisor-makes-a-bold-5-point-case-for-bitcoin" rel="noopener noreferrer nofollow">draw a sharp distinction</a> between wealth that fluctuates with market mood and wealth that was actually earned.</p>
<p><strong><a href="https://www.thestreet.com/crypto/markets/economist-predicted-2008-crash-warns-bitcoin-zero" rel="noopener noreferrer nofollow">Related: Economist who predicted 2008 crash reveals next Bitcoin target</a></strong></p>

Veteran investor drops shocking Buffett reminder on Musk's losses

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