Elon Musk loses trillionaire status as wealth falls below $1T

Elon Musk, founder of SpaceX, has lost his status as the world's first trillionaire after his fortune dropped below the $1 trillion mark.

According to Report, citing Bloomberg, Musk's net worth now stands at $957 billion, following a decline of $118 billion. The figures are based on the Bloomberg Billionaires Index, which calculates wealth primarily from company share values.

On June 12, Musk became the first person in history to surpass $1 trillion in personal wealth after SpaceX shares began trading. However, he held the title for only about two weeks before the latest market changes reduced his fortune.