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Elon Musks Wealth Dips Below $1 Trillion Amid Stock Declines

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Daily Kiran
Fri Oct 09 13:19:03 IST 2026
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New Delhi, October 9 (Daily Kiran) : Elon Musk, one of the world's wealthiest individuals, has once again fallen out of the trillion-dollar club. A significant drop in the stock prices of SpaceX and Tesla led to a staggering decrease of $36.4 billion in his wealth in just one trading session. As reported by Forbes, Musk's total net worth decreased to $991.6 billion on October 8.
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This decline comes just three days after he had crossed the $1 trillion mark once more. The decline in SpaceX shares was notable, with a nearly 3.5 percent drop. Investors expressed concerns over the company's plans to raise $40 billion to purchase chips from Nvidia. Additionally, Tesla shares also fell by more than 2 percent, further pressuring Musk's wealth. Musk first reached the $1 trillion milestone in June, following SpaceX's public listing. At that time, his estimated wealth peaked at approximately $1.45 trillion.
The broader decline in technology stocks has adversely affected other billionaires as well. Nvidia's CEO Jensen Huang and Oracle co-founder Larry Ellison saw their fortunes drop by nearly $15 billion in a single day. Huang's net worth fell by $6.1 billion to $199.3 billion, dropping him below the $200 billion mark. Meanwhile, Ellison's wealth decreased by $8.9 billion, bringing it down to $176.8 billion. Despite this downturn, Huang and Ellison remain seventh and eighth on Forbes' real-time billionaire list, respectively, though both experienced significant losses on Thursday.
The market weakness was also reflected in U.S. indices, with the Nasdaq-100 experiencing a 1.4 percent decline, marking its largest single-day drop in seven weeks. The S&P 500 index weakened by 0.5 percent. Analysts attribute the sell-off in technology and artificial intelligence (AI) stocks to shifting investor sentiment. However, the Indian market saw a different trend on Friday, with IT stocks showing strength. The Nifty IT index rose more than 3 percent in early trading, surpassing the 28,600 mark.
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