Elon Musk loses trillionaire status following stock declines

Elon Musk has lost his trillionaire status just three days after reaching it, following a significant decline in the market value of his primary companies. According to the Bloomberg Billionaires Index, Musk’s net worth fell from a recent high of $1.05 trillion on Tuesday to $987 billion by Thursday.

The downturn was driven by a drop in SpaceX shares, which fell 3.5% to trade below $162, and a decline of over 2% in Tesla stock. A reported plan by SpaceX to raise $40 billion to purchase Nvidia chips for artificial intelligence infrastructure appears to have triggered investor concerns regarding the company’s debt levels and spending requirements. This single report contributed to an estimated $21 billion loss for Musk on Wednesday morning.

In total, Musk’s wealth has fluctuated by approximately $63 billion since Monday, when SpaceX shares rose nearly 8%. Musk has previously noted that his wealth is tied to his percentage ownership in his companies rather than liquid cash, stating in an interview that his fortune is not ‘sitting in a bank account’ and is subject to the performance of the businesses he has built.