Elon Musk and wealth
Elon Musk has once again lost his trillionaire status – three days after reclaiming the milestone – following a steep drop in SpaceX and Tesla shares that wiped roughly $36.4 billion off his personal fortune in a single trading session. As of 1:30 pm EDT (11:00 pm IST) on Thursday (October 8), Musk’s net worth stood at $991.6 billion, falling back below the 13-figure threshold, according to Forbes. Musk added $61 billion to his fortune on October 2. The combined rally pushed his wealth back across the $1 trillion mark. The pullback began midweek when Musk shed $21 billion on Wednesday morning as SpaceX stock dropped over 2% following reports that the firm is negotiating with banks and institutional investors to raise $40 billion specifically to purchase Nvidia chips. By Thursday afternoon, SpaceX shares dropped about 3.5% to trade just under $162, while Tesla slipped more than 2% to near $370, erasing $36.4 billion from his ledger in hours. Musk first crossed the historic milestone on June 12, becoming the world’s first recorded trillionaire when SpaceX completed its public market debut. At the height of that initial market enthusiasm, his personal valuation peaked at $1.45 trillion. That top tier proved short-lived as a few days later, a steep 31% multi-session selloff in SpaceX equity, coupled with newly imposed restrictions on $116 billion worth of his Tesla shares, knocked his net worth down to an estimated $962 billion.
October 8th correction is the second time Musk has lost his trillionaire standing in recent months.
The report said that the sharp retreat was triggered by investor hesitation surrounding SpaceX’s aggressive financing plans, alongside broad selling pressure across his electric vehicle company, Tesla. That momentum carried into October 5 morning, when SpaceX jumped over 5% after Morgan Stanley analysts tagged the aerospace stock as “cheap,” while Tesla advanced 1%. Musk’s latest dip below the trillion-dollar line caps a volatile week of swings in his overall wealth. You use AI every day. Now get your AI Quotient. Take the AIQ test.