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Shares of SpaceX fell 6.2% by Wednesday afternoon, reversing a nearly 12% gain over the previous three trading sessions.
The decline cut Musk's estimated net worth to $994.1 billion from above the $1 trillion mark. Forbes said the drop reflected Musk's holdings of about 4.8 billion SpaceX shares and another 350 million stock options with an exercise price of $8.40 per share.
Despite the decline, Musk remains the world's richest person by a wide margin.
Google co-founders Larry Page and Sergey Brin rank second and third with estimated fortunes of $292.7 billion and $270 billion.
Meta CEO Mark Zuckerberg was among the day's biggest gainers, with his net worth rising $19.1 billion to $212.6 billion after Meta shares climbed more than 10%.
The rally followed a Bloomberg report that Meta is developing a cloud infrastructure business that would sell access to AI computing power and models, potentially competing with Amazon, Microsoft and Google.
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World's richest man and Tesla CEO Elon Musk. Photo from X |
Other technology billionaires have also experienced sharp swings in wealth as investors continue to bet on AI.
Oracle co-founder Larry Ellison, whose fortune briefly exceeded $300 billion on June 1 and made him the world's second-richest person behind Musk, has since lost more than $100 billion as Oracle shares retreated. As of July 1, Forbes estimated his net worth at $192.4 billion, ranking him seventh globally.
Dell Technologies founder Michael Dell, meanwhile, became the world's fifth-richest person after a rally in his company's shares boosted his fortune. Forbes estimated his net worth at $220.7 billion as of July 3.
