Elon Musk's Wealth Drops to $957 Billion

The global sell-off in the technology sector has led to a significant decline in Elon Musk's wealth. According to the Bloomberg Billionaires Index, Musk's net worth has dropped to $957 billion due to the decline in SpaceX and Tesla shares. Musk had achieved the status of 'trillionaire' after SpaceX's initial public offering but lost it again within two weeks. According to the data in the index, Musk's wealth had previously risen to $1.11 trillion. The sharp decline in SpaceX shares was accelerated by growing concerns about the profitability of artificial intelligence investments in the technology sector and the selling pressure in global markets. The decline in Tesla shares also deepened the drop. SpaceX's initial public offering on Nasdaq had valued the company at over $1.77 trillion, and Musk's approximately 42% stake had pushed his wealth above $1 trillion. However, the stock prices that peaked in mid-June began to decline afterwards.