Billionaire entrepreneur Elon Musk is no longer a trillionaire after a sharp drop in tech stocks wiped hundreds of billions of dollars from his fortune.
Recent estimates show Musk's net worth has fallen from about Sh170 trillion ($1.32 trillion) to Sh123 trillion ($957 billion), marking one of the biggest personal wealth losses ever recorded.
According to the Times of India, much of the decline is linked to a steep fall in the value of SpaceX shares.
SpaceX stock closed at around $156 on Tuesday, more than 30 per cent below its June 16 peak of $225. However, the shares are still trading above their debut price of $150 and remain 10 per cent higher than the company's IPO price of $135.
In the past week alone, investors have seen about $600 billion wiped from SpaceX's market value as technology stocks came under pressure.
