Elon Musk’s trillionaire run is over thank to a brutal global sell-off of tech stocks. The richest person on the planet, 54, became a trillionaire earlier this month, minutes after SpaceX’s blockbuster stock-market debut pushed the rocket maker’s worth above $2 trillion—and his own personal fortune past the $1 trillion mark. By the close of trading Tuesday, however, SpaceX shares had dropped 30 percent from their $225 peak on June 16 to nearer $156. The wider sell-off has battered tech stocks for days, stoked by AI-bubble anxiety and the prospect of higher interest rates. SpaceX remains Musk’s crown jewel, with his stake still sitting at $744 billion on Tuesday, roughly four-fifths of his fortune, and his Tesla holdings at $158 billion. Musk’s total net worth fell to $957 billion as of Wednesday, according to the Bloomberg Billionaires Index. A coming “lockup” expiration, which frees early backers to cash out, is likely to be the next big test of Musk’s fortune. Even diminished, he towers over the field, with his nearest contender, Google co-founder Larry Page, trailing by some $660 billion—a gap so vast it swallows two whole Jeff Bezos fortunes.
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