New Delhi — Elon Musk’s estimated net worth fell below $1 trillion for the second time in a month after declines in Tesla and SpaceX shares wiped $36.4 billion from his fortune in a single trading session.
According to Forbes, Musk’s wealth dropped to $991.6 billion on Thursday, October 8, just three days after he regained trillionaire status.
SpaceX shares declined approximately 3.5% amid investor concerns over reports that the aerospace company plans to raise $40 billion to purchase Nvidia chips. Tesla shares also fell more than 2%, contributing to the decline in Musk’s fortune.
Musk first crossed the $1 trillion threshold in June following SpaceX’s public listing, when his estimated wealth briefly reached $1.45 trillion.
The technology stock selloff also reduced the fortunes of Nvidia CEO Jensen Huang and Oracle co-founder Larry Ellison, who collectively lost about $15 billion on Thursday, according to Forbes.
Huang’s estimated net worth declined $6.1 billion to $199.3 billion, pushing him below the $200 billion mark. He ranked seventh on Forbes’ Real-Time Billionaires list after losing approximately 3% of his wealth during the session.
Ellison’s fortune fell $8.9 billion to $176.8 billion, representing a daily decline of more than 4.5%. He held the eighth position on the billionaire rankings.
The losses came amid a broader decline in U.S. technology stocks, particularly companies associated with artificial intelligence.
The Nasdaq 100 fell 1.4% on Thursday, marking its steepest single-day decline in seven weeks, while the S&P 500 dropped 0.5%. Selling pressure intensified during midday trading as negative developments weighed on technology and AI-related shares.
Meanwhile, Indian technology stocks moved higher on Friday despite the weakness in U.S. markets.
The Nifty IT index gained more than 3% in early trading, reaching approximately 28,604.
India’s benchmark Sensex opened at 71,776.67, up 183.43 points, or 0.26%, while the Nifty began trading at 22,314.95, an increase of 83.15 points, or 0.37%. (Source: IANS)
