SpaceX stock drop costs Elon Musk $23 billion

Investor Elon Musk saw his wealth decline by more than $23 billion just two days after reclaiming his status as a trillionaire, following a drop in SpaceX’s stock price amid reports that the company is holding talks with banks and investors to purchase chips from Nvidia.

This came after a report published by the Financial Times indicated that SpaceX plans to borrow $40 billion to buy artificial intelligence chips from Nvidia.

Musk’s wealth decline was further compounded by a 0.75% drop in Tesla’s stock to $377.81, given his ownership of approximately 11% of the electric vehicle manufacturer’s shares.