Elon Musk has fallen below the trillionaire mark after a massive sell-off in technology stocks wiped more than $500 billion from his net worth in just one week.
The Tesla and SpaceX boss had recently become the first person in history to surpass a $1 trillion fortune following the blockbuster stock market debut of SpaceX. However, a sharp decline in the value of both SpaceX and Tesla shares has significantly reduced his wealth.
According to estimates by Bloomberg, Musk’s net worth has dropped to about $957 billion after peaking above $1 trillion earlier this month. The loss is considered the largest personal wealth decline ever recorded.
SpaceX shares have fallen by around 30 per cent from their recent highs, while Tesla also suffered heavy losses as investors pulled money out of technology stocks amid growing concerns about inflated valuations in the artificial intelligence sector.
The wider tech market downturn affected several major companies, including Nvidia and Micron, as investors questioned whether the rapid growth and spending linked to AI can be sustained.
Analysts say Musk’s fortune is particularly vulnerable to market swings because most of his wealth is tied to his holdings in Tesla and SpaceX. As the values of those companies rise or fall, his personal fortune moves sharply in the same direction.
The recent drop surpassed Musk’s previous record wealth loss in 2022, when a decline in Tesla shares erased an estimated $165 billion from his net worth.
Despite the setback, Musk remains the world’s richest individual, with significant ownership stakes in SpaceX, Tesla and several other technology ventures.
The market slump has also affected other billionaires, including Oracle founder Larry Ellison, whose fortune has dropped substantially following a decline in Oracle’s share price.
