Elon Musk has lost his trillionaire status after a sharp fall in the share prices of his companies, especially SpaceX and Tesla, during Tuesday’s global stock market sell-off. According to the Bloomberg Billionaires Index, Musk’s net worth has now fallen to about $957 billion.
The stock had reached an intraday high of $225 on June 16, but later dropped to around $156 by Tuesday’s close, with SpaceX shares falling more than 30% from their recent peak. Tesla shares were also hit during the broader technology stock sell-off, further reducing Musk’s wealth.
Bloomberg data showed that Musk’s SpaceX stake was still worth about $744 billion, making it his biggest asset and accounting for nearly 80% of his total wealth. His Tesla stake was valued at around $158 billion.
Investors have recently become worried that artificial intelligence companies may be overvalued, leading to fears of an AI bubble. Concerns about possible interest-rate increases have also put pressure on technology stocks.
Some analysts have questioned whether SpaceX deserves such a high valuation because many of its biggest projects are still years away from becoming reality.
Despite losing his trillionaire status, Musk remains the world’s richest person, but his comments show that he believes future AI technology could eventually make money itself far less important than it is today.
