Elon Musk has fallen below the $1 trillion net worth mark after a sharp sell-off in technology stocks erased more than $500 billion from his fortune in just one week.
The Tesla and SpaceX chief recently became the first person to surpass a $1 trillion fortune. However, declining valuations in both companies have cut his wealth to an estimated $957 billion, according to Bloomberg.
The drop is regarded as the largest personal wealth loss ever recorded. SpaceX shares have fallen by about 30 percent from recent highs, while Tesla has also suffered significant losses amid concerns over inflated AI-related stock valuations.
Despite the setback, Musk remains the world’s richest individual.
