Elon Musk falls below $1 trillion mark

American entrepreneur Elon Musk's net worth has fallen below the $1 trillion mark, Zamin.uz reports.

According to Bloomberg, his current net worth stands at $957 billion. However, Forbes estimates still place Musk's wealth at around $1.1 trillion.

We note that on June 12, Elon Musk became the first trillionaire in history. However, on June 23, SpaceX shares dropped by 3.9%, with the share price falling to $148.57.

As a result, the company's market capitalization declined to $1.99 trillion. Thus, after reaching a record high, SpaceX fell below the $2 trillion threshold for the first time and dropped to seventh place in the ranking of the world's largest public companies.

This marked the fourth consecutive trading session of capitalization loss for the company. For reference, in June, SpaceX raised over $85 billion, pushing the company's valuation above $2.9 trillion.

This process turned Elon Musk into the first trillionaire and created more than 4,400 new millionaires among company employees. However, since then, the company's valuation has decreased by approximately $550 billion compared to its peak levels.