Elon Musk Falls Below $1 Trillion as Tech Stocks Slide

Elon Musk is no longer a trillionaire, after briefly becoming the first person to cross that mark less than two weeks ago. His wealth surged after SpaceX was listed on Wall Street, but it has since fallen sharply as SpaceX shares dropped and Tesla stock also declined. Forbes now estimates Musk’s fortune at about $970 billion.

The decline comes amid broader investor worries about a possible interest rate increase by the U.S. Federal Reserve and fears of an artificial intelligence bubble. Companies closely tied to the AI boom, including Alphabet and chipmakers such as Samsung, have also been hit.

SpaceX’s blockbuster IPO, described as the largest in history, raised $75 billion. Shares jumped 19% on the first trading day, from an initial offering price of $135 a share, but later slid and traded around $154 yesterday, still above the IPO price.

Most of Musk’s wealth is tied up in stock and equity holdings rather than cash, which makes it highly sensitive to market swings. Even after losing the trillionaire label, he remains far ahead of everyone else. Forbes puts Larry Page, co-founder of Google, in second place with an estimated $284 billion. Musk’s personal wealth has grown by $338 billion since January, more than Page’s entire fortune.