Musk slips from trillionaire status as tech stocks slide

Elon Musk’s net worth dipped below $1 trillion as a market selloff hit SpaceX and Tesla shares, leaving Forbes’ estimate at about $970.2 billion at 4pm ET. Musk briefly reached trillionaire status after SpaceX’s historic IPO, which raised $75 billion and initially boosted his fortune, but a tech downturn driven by AI fears and potential rate hikes dragged his wealth down. With most of his wealth tied to stock, he could regain trillionaire status if shares rebound, though he remains the richest person, far ahead of the next-wealthiest, Larry Page (~$284 billion).