Elon Musk’s net worth slips below $1 trillion mark again

Elon Musk’s fortune dropped $36.4 billion to $991.6 billion as Tesla and SpaceX shares declined, pushing him below the trillion-dollar threshold. Technology stocks also dragged down Jensen Huang’s and Larry Ellison’s wealth, while Indian IT stocks rallied during Friday’s early trading

New Delhi: Elon Musk has lost his trillionaire status tag for second time in a month after sharp fall in SpaceX and Tesla shares wiped $36.4 billion off his fortune in single trading session.

According to data of Forbes, Musk’s net worth fell to $991.6 billion on Thursday (October 8) slipping below $1 trillion mark just three days after he regained it. Moreover, SpaceX shares dropped around 3.5 per cent amid investor concerns over reports that company plans to raise $40 billion to buy Nvidia chips. While Tesla shares fell more than 2 per cent, adding to decline.

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Musk first crossed trillion-dollar threshold in June after SpaceX went public, briefly reaching estimated fortune of $1.45 trillion. Apart from that, Nvidia CEO Jensen Huang and Oracle co-founder Larry Ellison lost combined $15 billion in wealth on Thursday as technology stocks tumbled, according to the Forbes data.

Huang’s estimated net worth fell by $6.1 billion to $199.3 billion, slipping below $200 billion mark. Similarly, Ellison lost $8.9 billion, taking his fortune to $176.8 billion. Huang sits at No. 7 on Forbes Real-Time Billionaires list, down around 3 percent on Thursday. Ellison holds No 8 spot, down over 4.5 per cent for day.

On Thursday, Nasdaq 100 declined 1.4 per cent, its worst one-day drop in seven weeks, while S&P 500 fell 0.5 per cent. Selloff in tech and AI-linked stocks deepened midday amid bearish headlines. Additionally, in the domestic market the IT sector stocks have showed positive performance on Friday.

In early deals, Nifty IT increased by more than 3 per cent to 28,604 level. Sensex opened at 71,776.67 earlier in the day, up 183.43 points or 0.26 per cent. Nifty began trading session at 22,314.95, up 83.15 points or 0.37 per cent.