Elon Musk Loses $91.2 Billion as U.S. Stocks Sell Off Sharply

Elon Musk’s net worth fell $91.2 billion, or 10.5%, during Thursday’s U.S. stock selloff, accounting for nearly 60% of the $152.9 billion combined loss among five technology billionaires.

The Dow Jones Industrial Average fell as much as 2.38%, the S&P 500 dropped 3.57% and the Nasdaq Composite sank 5.35%. The Philadelphia Semiconductor Index slid as much as 11.6%, the steepest decline among those indexes.

Technology and AI hardware stocks faced concentrated selling. Nvidia shares fell as much as 9%, while Taiwan Semiconductor Manufacturing Co., SpaceX and Tesla each dropped as much as 11%.

Musk’s loss exceeded the other four billionaires’ combined $61.7 billion decline. The drop in fortunes reflected falling share prices at companies tied to the group’s holdings, while the semiconductor index’s decline outpaced the three major U.S. indexes.