Fortune roller-coaster: as Elon Musk loses US$130b, Chinese chip and AI founders gain

Surging stocks of CXMT, Zhipu and MiniMax create billions in wealth as world’s first trillionaire loses status amid SpaceX’s plunge Elon Musk poked fun at himself on social media on Saturday, saying he was a “(former) trillionaire” after losing around US$130 billion over five trading days just weeks after he became the first human to ascend beyond billionaire status. At the same time, the wealth of some executives at ChangXin Memory Technologies (CXMT), China’s leading maker of memory chips, surged as its stock soared 466 per cent on its first trading day in Shanghai on Monday, valuing the company at 3.28 trillion yuan (US$484.5 billion). Much of the wealth held by tech tycoons in both the US and China is paper wealth rather than accessible liquid assets and is also highly volatile, analysts said. “Stocks move in natural cycles, an inherent law of financial markets,” said Liu Shengjun, chief of the China Financial Reform Institute, a Shanghai-based think tank.

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