Elon Musk loses trillionaire status as SpaceX stock deflates—and Wisconsin officials want him investigated for election ‘bribery’

Good morning. On Fortune’s radar today:

Elon Musk is no longer a trillionaire…

… and he’s facing a criminal “bribery” probe in Wisconsin.

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SpaceX loses $1 trillion in market cap as tech stocks lead sharp declines in Asia and Europe

Asian markets led a global selloff in the stock markets today as the central bank of South Korea raised its interest rates and warned there would be more rate hikes to come, to fight off persistent inflation. Asia is particularly exposed to increasing oil prices caused by the Iran war because it imports much of its fuel. The tech-heavy KOSPI was down 6.37% today, sinking deeper into correction territory—it has shed 21.84% over the last month. Nasdaq 100 futures are down 0.19% this morning prior to the open in New York. 

SpaceX was down 0.6% at the close yesterday and although it gained 0.37% in overnight trading the stock has lost more than $1 trillion in value since its peak price of $225 per share. The stock dipped below its IPO launch price of $135, recovering to just $135.27. The downward drift of the stock means that Elon Musk is no longer technically a trillionaire. He’s worth “only” $856 billion today, according to Bloomberg’s billionaire index.

S&P 500 futures were flat this morning. The index rose 0.38% yesterday. 

In Europe, the Stoxx 600 was down 0.26% in early trading and the U.K.’s FTSE 100 was down 0.37% before lunch.

Asia: South Korea’s KOSPI was down 6.37%. Japan’s Nikkei 225 was down 2.79%. India’s Nifty 50 was up 0.15%. China’s CSI 300 was down 1.85%. 

Brent crude was $84 per barrel this morning, down from a high of $86 yesterday.

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