The world's first trillionaire has already lost his title just before completing two weeks. According to Bloomberg's Billionaire Index, his wealth dropped from $1.11 trillion to $957 billion on Tuesday.
However, there's no need to worry. Elon Musk continues to hold the position of the world's richest person and possesses significantly more wealth than his closest competitors.
This massive loss of wealth is due to market doubts about the long-term profitability of artificial intelligence (AI) technology.
The selloff, which affected tech stocks globally across the board, hit Elon Musk's SpaceX and Tesla companies hard.
In particular, SpaceX shares, which had reached their highest in June, fell by over 30 percent and then plummeted by up to 16 percent in a single Monday, causing Musk to lose approximately $240 billion in wealth all at once.
Since nearly 80 percent of Elon Musk's wealth is held in SpaceX shares, he feels the impact of market fluctuations more intensely than others.
Market pressures are likely to continue in late July as company insiders will be permitted to resell their shares.
However, if SpaceX shares recover by just 6 percent, he could become the world's first trillionaire to regain the trillionaire status, so it's worth watching.
Ref: BBC
