World's First Trillionaire Is No Longer

Elon Musk's brief stint as trillionaire is over, at least for the moment. A sharp slide in SpaceX and Tesla shares during Tuesday's tech sell-off knocked his estimated fortune down to about $957 billion, per Business Insider, citing the Bloomberg Billionaires Index. Musk crossed the trillion mark earlier this month, the first person in the world to do so, after SpaceX's blockbuster IPO pegged the rocket-maker at more than $2 trillion, sparking a retail investor frenzy. But SpaceX is now off more than 30% from its June 16 intraday high, amid broader worries about an AI-fueled tech bubble and higher interest rates. SpaceX remains Musk's core holding, worth roughly $744 billion and almost 80% of his wealth; his Tesla stake is valued at $158 billion.

The drop comes as investors scrutinize SpaceX's hefty losses and ambitious plans—pressure that could intensify when early shareholders are finally allowed to sell. Quartz notes that, despite Musk losing his trillionaire status so quickly after achieving it, he's still far ahead of other members of the Bloomberg billionaires list, with Larry Page in second place with a paltry $297 billion. In other news that Musk likely isn't thrilled to see headlines about: According to a new book by New York Times journalists Maggie Haberman and Jonathan Swan, Musk was the one person that first lady Melania Trump balked at hosting overnight in the White House, though she was apparently overruled, per the Independent.