Elon Musk Suffers Largest Wealth Loss in History as Fortune Falls by $363 Billion
Elon Musk suffered the largest personal wealth decline ever recorded after sharp declines in SpaceX and Tesla shares erased $363 billion from his fortune in July.
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Elon Musk suffered the largest personal wealth decline ever recorded after sharp declines in SpaceX and Tesla shares erased $363 billion from his fortune in July.
Leopold Aschenbrenner said his AI-focused hedge fund will stop using bank leverage after losing 67% in July while remaining up 80% for the year.
Amazon beat Wall Street expectations on earnings, revenue, and AWS growth, while announcing its AI and chip businesses each now generate more than $25 billion in annual revenue.
South Korea’s stock market staged one of its biggest one-day rallies on record, with the KOSPI jumping 18% as Samsung and SK Hynix surged more than 20%.
Leopold Aschenbrenner’s Situational Awareness hedge fund reportedly lost around 90% of its value in just four weeks after heavily leveraged bets on AI infrastructure unraveled during a sharp sector-wide selloff.
Samsung reported the most profitable quarter in its history as booming demand for AI memory chips drove operating profit up 1,800% year over year, while revenue more than doubled.
NVIDIA has fallen 18.5% from its record high, wiping out nearly $1 trillion in market value as investors reassess AI spending and semiconductor valuations.
A global selloff in AI chip stocks spread to Asia as investors questioned future memory demand and the sustainability of AI infrastructure spending.
Apple reclaimed the title of the world’s most valuable company after its market capitalization climbed to nearly $5 trillion, overtaking Nvidia as investors reassessed AI spending and valuations.
Tesla shares have returned to levels seen nearly five years ago as investors remain divided over Elon Musk’s shift toward AI and humanoid robots.
SpaceX shares fell to a new all-time low of $110 as the post-IPO selloff continued, leaving the stock nearly 50% below its peak despite growing buying interest from ETFs.
Chinese memory chipmaker CXMT surged 466% on its market debut after raising $8.6 billion in Asia’s largest IPO of the year, becoming China’s most valuable listed company.
SpaceX shares have fallen to a new all-time low, wiping approximately $1.48 trillion from the company’s market value in just 37 days and dropping well below their $135 IPO price.
SpaceX shares fell below $140 for the first time since the company’s IPO, reaching a new post-listing low after giving up most of their early trading gains.
SK Hynix shares fell 16% in Seoul, marking a record one-day decline just days after the company’s historic Nasdaq IPO.