Elon Musk's Wealth Takes a Hit as Tesla and SpaceX Shares Plummet

Elon Musk has lost his trillionaire status for the second time in a month, with a significant drop in Tesla and SpaceX shares wiping out $4 billion from his fortune. Following a decline in investor confidence, Musk's net worth fell to $1.6 billion. The tech sector faced a broader downturn, impacting other billionaires like Nvidia's Jensen Huang and Oracle's Larry Ellison. Despite the challenges in the tech market, the domestic IT sector showed resilience with positive performance on Friday. This article explores the implications of these stock market fluctuations on Musk and other tech leaders.

By Narendra Chaudhary Oct 9, 2026, 13:24 IST

Elon Musk's Financial Setback

File image of US business tycoon Elon Musk(Photo: X)

New Delhi, Oct 9: Elon Musk has once again lost his status as a trillionaire, marking the second time within a month. A significant drop in the shares of SpaceX and Tesla resulted in a staggering loss of $4 billion from his net worth in just one trading session.

As reported by Forbes, Musk's wealth decreased to $1.6 billion on October 8, falling below the trillion-dollar threshold merely three days after he had regained it.

SpaceX's shares saw a decline of approximately 3.5% due to investor apprehensions regarding the company's plans to raise funds to purchase Nvidia chips.

In addition, Tesla's stock fell by over 2%, contributing to the overall decline.

Musk initially surpassed the trillion-dollar mark in June following SpaceX's public offering, briefly reaching an estimated fortune of $1.45 trillion.

Furthermore, Nvidia's CEO Jensen Huang and Oracle co-founder Larry Ellison collectively lost $2.1 billion in wealth on the same day as tech stocks faced a downturn, according to Forbes data.

Huang's net worth dropped by $1.1 billion to $9.3 billion, falling below the $10 billion mark.

Ellison also experienced a loss of $0.9 billion, bringing his fortune down to $6.8 billion.

Huang is currently ranked No. 7 on the Forbes Real-Time Billionaires list, down about 3% on Thursday, while Ellison holds the No. 8 position, down over 4.5% for the day.

On Thursday, the Nasdaq 100 index fell by 1.4%, marking its worst single-day decline in seven weeks, while the S&P 500 dropped by 0.5%.

The selloff in technology and AI-related stocks intensified around midday amid negative news headlines.

Conversely, in the domestic market, IT sector stocks showed positive performance on Friday.

In early trading, Nifty IT rose by more than 3% to reach the 28,604 level.

Sensex opened at 71,776.67, up by 183.43 points or 0.26%, while Nifty began the trading session at 22,314.95, gaining 83.15 points or 0.37%.