Elon Musk Loses Trillionaire Status as Tesla and SpaceX Shares Fall

Elon Musk lost his trillionaire status again after declines in Tesla and SpaceX shares reduced the estimated value of his holdings, according to reports published recently.

Elon Musk's estimated fortune fell below $1 trillion following declines in Tesla and SpaceX shares, amid investor concerns about the companies' spending and growth prospects. [Photo: Gage Skidmore Flickr]

Musk's estimated net worth fell below $1 trillion after a brief period above that threshold.

Fortune, citing the Bloomberg Billionaires Index, reported that his wealth dropped to approximately $987 billion.

The decline followed a fall in SpaceX shares and renewed concerns about the company's financing needs. Investors were assessing reports that SpaceX planned to raise approximately $40 billion to purchase Nvidia AI chips.

The proposed spending raised questions about the company's capital requirements and its investment in AI infrastructure.

Musk's fortune is heavily tied to his ownership stakes in Tesla and SpaceX, making its estimated value sensitive to changes in both companies' share prices.

Separately, Starbucks has reportedly explored a potential acquisition of Chipotle Mexican Grill, according to a Financial Times report cited by Reuters. The deal could bring together two major restaurant brands and reunite Starbucks Chief Executive Brian Niccol with Chipotle, where he previously served as CEO.

Neither company had publicly confirmed an agreement, and the potential transaction remained speculative.

U.S. stock markets also came under pressure on Thursday as concerns about OpenAI's revenue projections weighed on technology shares.

According to Forbes Daily, the Nasdaq Composite fell 1.25 percent and the S&P 500 declined 0.5 percent, while the Dow Jones Industrial Average gained 0.1 percent.

The selloff followed reports that OpenAI's annualized revenue was about $50 billion, below an earlier reported estimate of $70 billion. The difference prompted questions about revenue measurement and investor expectations for companies linked to the AI boom.

The market reaction illustrates how financial expectations for major private AI companies can affect publicly traded technology stocks and the fortunes of investors whose wealth is closely tied to the sector.