00:00It's Benzinga, bringing Wall Street to Main Street
00:02Elon Musk was no longer a trillionaire by Wednesday's market close after plunging shares
00:06in Tesla, and SpaceX reduced his net worth to $970.2 billion, according to The Guardian.
00:13Musk reached trillionaire status on June 12 after SpaceX's record IPO made him the first
00:18person worth more than $1 trillion.
00:21His fortune had hovered near that level in the weeks after the offering.
00:24A global stock sell-off this week pressured major tech stocks as concerns about potential
00:29Federal Reserve rate hikes and an AI bubble rattled markets.
00:33SpaceX shares were listed at $154.35 on Wednesday after rising 19% within 24 hours of going public.
00:42While Musk's wealth is tied up in stock inequity, he amassed his fortune at an unprecedented rate.
00:47He remains the world's richest person, ahead of Larry Page at about $284 billion.
00:53For all things money, visit Benzinga.com
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