Elon Musk’s first run as the world’s only trillionaire was short-lived.

As a result of a downturn in SpaceX’s stock and new restrictions on some of his Tesla stock, Musk’s net worth fell below the $1 trillion mark, sitting at $951.8 billion as of Wednesday afternoon. The rocket maker’s shares have shed nearly 27% over the last five days.

But SpaceX is still Musk’s biggest asset by far—his 4.8 billion shares are worth $744 billion, not including his stock options worth $52 billion.

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Two powerful earthquakes struck Venezuela on Wednesday night, prompting the country’s acting president to declare a state of emergency as the toll reached at least 164 dead and more than 900 injured, with the number of casualties expected to rise.

Shares of Micron soared Wednesday after the chipmaker reported its most profitable quarter ever, as the company benefits from the AI infrastructure buildout.

Though high oil prices as a result of conflict in Iran have contributed to inflation, the reopening of the Strait of Hormuz could actually “overheat” the economy and lead to the Federal Reserve hiking interest rates, one economist warned. Apollo’s chief economist Torsten Slok pointed to Consumer Price Index data, May’s “hot” jobs report and a “hawkish” Fed as driving forces for the narrative shift.

The prices of gold and silver reached seven-month lows on Wednesday amid a stronger dollar and growing expectations for interest rate hikes this year. Gold briefly fell below the $4,000 mark for the first time since November, while silver’s price is now less than half of........

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