Elon Musk Loses Trillionaire Status After SpaceX Stock Drop
Elon Musk's net worth fell below $1 trillion following share declines at SpaceX and Tesla and concerns over SpaceX spending on Nvidia chips.
The net worth of Elon Musk dropped from $1.05 trillion on Tuesday to $987 billion by Thursday, causing him to lose trillionaire status for the second time in a short period. The decline was driven by a 3.5% drop in SpaceX shares and a decrease of more than 2% in Tesla shares.
Forbes estimates Musk lost $21 billion on Wednesday morning alone. This volatility followed reports that SpaceX plans to raise $40 billion to purchase Nvidia chips, a move that sparked investor concerns regarding the company's debt load and spending. The downturn erased gains from earlier in the week, when a nearly 8% rise in SpaceX shares had briefly pushed Musk's wealth above the trillion-dollar mark.
Musk has described his wealth as paper value tied to company ownership rather than liquid cash. He further suggested that monetary wealth may become irrelevant by 2036 as AI and robotics automate human labor.
