Tesla and SpaceX CEO Elon Musk has suffered one of the biggest wealth declines in history, with his net worth shrinking by an estimated $712 billion in just five weeks, according to US media reports.

Just six weeks earlier, on June 16, Musk's fortune had climbed to around $1.45 trillion, following the successful public debut of SpaceX on June 12. The company's market value surged to a record $2.64 trillion, making it one of the world's most valuable firms.

However, the Bloomberg Billionaires Index shows that by July 23, Musk's wealth had fallen to approximately $738 billion, marking a dramatic decline of about $712 billion over a five-week period. Some reports estimate the loss between $650 billion and $700 billion, but all indicate one of the steepest wealth drops ever recorded.

The primary reason behind the decline is the sharp fall in the share prices of both SpaceX and Tesla. SpaceX stock has plunged more than 41 percent from its peak, wiping out over $1 trillion in market value.

Tesla shares have also come under heavy pressure. On July 23, the stock closed 14.5 percent lower, further reducing Musk's fortune. Although Tesla reported better-than-expected second-quarter revenue and delivered a record number of vehicles, investor concerns and broader market weakness continued to weigh on the company's share price.