Elon Musk lost his trillionaire status for the second time in a month after a sharp decline in SpaceX and Tesla shares wiped $36.4 billion off his fortune in a single trading session on October 8. His net worth fell to $991.6 billion by 1:30 pm EDT, slipping below the $1 trillion mark just three days after regaining it, according to Forbes and livemint.com.
SpaceX shares dropped around 3.5%, driven by investor concerns over reports that the company plans to raise $40 billion to purchase Nvidia chips. Tesla shares also fell more than 2%, contributing to the overall decline in Musk’s wealth. Musk first crossed the trillion-dollar threshold in June after SpaceX went public, briefly reaching an estimated fortune of $1.45 trillion, livemint.com reported.
The sell-off in technology stocks also affected Nvidia CEO Jensen Huang and Oracle co-founder Larry Ellison, who lost a combined $15 billion on the same day. Huang’s net worth fell by $6.1 billion to $199.3 billion, dropping below the $200 billion mark, while Ellison’s fortune declined by $8.9 billion to $176.8 billion. Huang and Ellison now rank seventh and eighth respectively on Forbes’ Real-Time Billionaires list, according to livemint.com.
Musk remains the billionaire who lost the most wealth on October 8, with a decline exceeding $30 billion. Huang and Ellison ranked second and third in daily losses, underscoring the volatility in the tech sector. The latest figures were reported by Forbes and highlighted by livemint.com on October 8.