Elon Musk loses trillionaire status as wealth drops below $1 trillion

World’s richest person Elon Musk has reportedly lost his trillionaire status after a significant decline in the value of his holdings in Tesla and SpaceX,24NewsHD TV reported on Thursday.

According to international media reports, Musk had become the world's first trillionaire just two weeks ago after shares of his aerospace company SpaceX entered the stock market, pushing his net worth above the $1 trillion mark.

However, the latest figures from the Bloomberg Billionaires Index show that Musk’s fortune has fallen to approximately $957 billion, down from an estimated $1.11 trillion recorded two weeks earlier.

The sharp decline in his wealth is attributed to substantial losses in the market value of both SpaceX and Tesla shares.

Despite the decline, Musk remains among the wealthiest individuals in the world, with his fortune still approaching the $1 trillion threshold.