Elon Musk loses his trillionaire status – here’s why

Elon Musk's brief tenure as the world's first trillionaire concluded less than two weeks after he achieved the milestone, as his net worth fell below the $1tn mark.

His fortune, which peaked at approximately $1.1tn, has now decreased to around $957bn, according to the Bloomberg Billionaires Index.

The primary cause of this decline was a sharp sell-off in SpaceX shares, which saw the company's valuation drop from nearly 3tntojustover3tntojustover2tn after its stock market debut.

Further contributing to the reduction in his wealth was a broader downturn in the technology sector, leading to a 5.8 per cent fall in Tesla shares, another major component of Musk's holdings.

Despite this significant financial adjustment, Musk retains his position as the world's wealthiest individual, holding a considerable lead over other prominent billionaires.