Tech entrepreneur Elon Musk has lost his status as the world’s first trillionaire less than two weeks after reaching the milestone, following a sharp decline in the value of SpaceX and Tesla shares.
According to the Bloomberg Billionaires Index, Musk’s net worth has fallen by around US$350 billion, dropping from more than US$1.3 trillion earlier this month to approximately US$957 billion.
Musk briefly crossed the US$1 trillion mark after the highly anticipated public listing of SpaceX, which significantly boosted the company’s valuation and his personal fortune.
However, SpaceX shares have since fallen by more than 30 percent from their peak, while Tesla shares have also declined, eroding a substantial portion of Musk’s wealth.
Despite the drop, Musk remains the world’s richest person by a wide margin, with the majority of his fortune tied to his stakes in SpaceX and Tesla.
The decline highlights how rapidly the wealth of the world’s richest individuals can fluctuate, as their fortunes are closely linked to movements in stock prices and company valuations. (Newswire)