Billionaire entrepreneur Elon Musk has lost his historic trillionaire status after a broad Wall Street market sell-off erased an estimated $500 billion from his net worth.
According to the Bloomberg Billionaires Index, Musk's fortune has fallen to approximately $957.1 billion, dropping below the $1 trillion milestone he had previously attained.
The decline was largely driven by a 30 per cent drop in the value of SpaceX shares from their peak, alongside a significant fall in the share price of electric vehicle manufacturer Tesla, both of which account for the bulk of Musk's wealth.
Despite the sharp decline, Musk remains the world's richest individual, with his fortune continuing to far exceed that of most other global billionaires.
Market analysts attribute the downturn to broader weakness in equity markets, investor concerns and reduced valuations across major technology companies, which have weighed heavily on the fortunes of some of the world's wealthiest investors.
The development highlights the volatility of wealth tied to publicly traded companies and privately held technology firms, where changes in market sentiment can significantly impact net worth within a short period.
While the decline marks the end of Musk's brief stint as the world's first trillionaire, analysts note that future movements in Tesla and SpaceX valuations could once again reshape the global wealth rankings.
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