EconomyCNBC Daily Open: Tech falls to earth, Musk’s fortunes diverge
Markets are absorbing Wall Street’s tech sell-off. Renewed doubts about AI spending sent the Nasdaq Composite to its worst day in three months.

co-president
Senior Advisor to the President for Government Efficiency (2025–2025)
| Born | 1971-06-28 · Pretoria |
|---|---|
| Citizenship | South Africa (since 1971), Canada (since 1971), United States (since 2002) |
| Party | Independent |
| Offices |
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| Education | University of Pennsylvania (BA, BS) |
| Occupation | CEO and product architect of Tesla, Founder, CEO, and chief engineer of SpaceX, Founder and CEO of SpaceXAI, Founder and CTO of X Corp., Co-founder of Neuralink, The Boring Company, OpenAI, Zip2, X.com and PayPal, President of the Musk Foundation |
| Awards | Full list |
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Markets are absorbing Wall Street’s tech sell-off. Renewed doubts about AI spending sent the Nasdaq Composite to its worst day in three months.

Markets are recovering from the CoreWeave selloff, though investors remain concerned about the debt supporting the AI boom. Fed Chair Kevin Warsh says hotter inflation has not altered his economic outlook, leading markets to scale back expectations of rate hikes. Elon Musk has unveiled Tesla’s flying Roadster, which is not due until 2028.
