Elon Musk Loses Trillionaire Status as Stocks Slump

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California: Elon Musk has officially lost his title as the world’s first trillionaire. Following a global stock market selloff, his net worth retreated to $970.2 billion, ending his brief tenure at the trillion-dollar summit.

The decline was fueled by investor anxiety surrounding potential interest rate hikes and fears of an "AI bubble," which heavily impacted high-growth tech shares like Tesla and SpaceX. Musk had only achieved the milestone on June 12, following SpaceX's massive IPO.

Despite this, Musk remains the wealthiest individual on earth by a significant margin. Because his fortune is tied to equity rather than cash, his net worth remains highly volatile. Analysts suggest that if tech stocks stabilize or rebound, Musk could reclaim the trillionaire status quickly. For now, however, the market correction has effectively reined in his record-breaking valuation.