Elon Musk's net worth fell $79.7 billion in a single trading session Thursday Billionaires Index, reducing his total to approximately $785 billion. Forbes Real-Time Billionaires reported a $79.3 billion decline, leaving his estimated wealth at $789.5 billion.
Musk did not sell any holdings. The collapse was driven almost entirely by Tesla stock's 10.77 percent drop.
The broader market rout was severe. The SPDR S&P 500 ETF fell 4.41 percent. The Invesco QQQ Trust, tracking the Nasdaq-100, dropped 6.49 percent—its worst day since the pandemic. The VanEck Semiconductor ETF was worst hit, losing 11.21 percent.
AI infrastructure names bore the brunt. Nebius Group fell 14.94 percent, Arm declined 13.08 percent, and Broadcom lost 10.43 percent. Intel dropped 10.33 percent, CoreWeave fell 9.83 percent, and Palantir slid 9.73 percent.
All seven Magnificent Seven stocks closed lower. Apple lost 1.53 percent, Meta fell 3.96 percent, and Microsoft declined 3.58 percent.
Strong earnings did not shield companies from losses. AMD, which reported 44.7 percent revenue growth to $13.38 billion on Nov. 3 and guided fourth-quarter revenue to approximately $17 billion, still lost ground. Micron Technology, projecting a next-quarter gross margin of about 86.25 percent and up 134.76 percent year-to-date, was also pressured.
Political concerns drove the selloff. Following Tuesday's elections, investors retreated from assumptions underpinning the data-center boom. Reports cited fears that Democratic control of Congress and the Texas governorship could trigger stricter regulation, subpoena-driven investigations, and slower review timelines for a potential Tesla-SpaceX merger. Stocks priced for sustained data-center acceleration faced the most severe repricing when that thesis weakened.
