Tech entrepreneur Elon Musk has lost his status as the world’s first trillionaire less than two weeks after surpassing the historic milestone, following a significant decline in the valuations of SpaceX and Tesla.
According to the Bloomberg Billionaires Index, Musk’s net worth has dropped by approximately US$350 billion, falling from more than US$1.3 trillion earlier this month to around US$957 billion.
Musk briefly crossed the US$1 trillion threshold after the highly anticipated public listing of SpaceX, which substantially increased both the company’s valuation and his personal wealth.
However, SpaceX shares have since declined by more than 30 percent from their peak, while Tesla shares have also recorded losses, leading to a sharp reduction in Musk’s fortune.
Despite the decline, Musk remains the world’s wealthiest individual by a considerable margin, with the majority of his wealth still tied to his holdings in SpaceX and Tesla.
The dramatic fluctuation in Musk’s net worth highlights the volatility of fortunes linked to publicly traded companies and private market valuations, where wealth can rise or fall rapidly based on investor sentiment and market performance.
