Elon Musk is no longer a trillionaire after sharp declines in the value of Tesla and SpaceX pushed his estimated net worth below the $1 trillion mark.
According to the Bloomberg Billionaires Index, the world’s richest person is now worth an estimated $957 billion, following a sell-off that hit both companies.
The drop comes just weeks after Musk became the first person to surpass a net worth of $1 trillion, thanks to SpaceX’s blockbuster initial public offering and gains in Tesla’s share price.
However, recent losses in Tesla stock and a decline in SpaceX’s post-IPO valuation erased a significant portion of those gains.
Despite the setback, Musk remains the wealthiest person in the world by a wide margin.
Most of his fortune is tied to his stakes in Tesla and SpaceX, meaning changes in the companies’ valuations can add or erase billions of dollars from his net worth in a matter of days.
The latest decline highlights how quickly the fortunes of the world’s richest individuals can shift as financial markets react to changing investor sentiment.