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.
The aerospace company, which recently made a historic stock market debut, has been affected by growing investor caution amid a wider sell-off in the tech sector.
The decline was compounded by falling shares in Tesla, the electric vehicle company led by Musk.
Losses at both SpaceX and Tesla significantly reduced the value of his holdings.
Despite the setback, Musk remains the world's richest person, thanks to his investments in aerospace, electric vehicles, artificial intelligence and social media.
Although he has fallen below the $1 trillion mark, his fortune remains among the largest ever accumulated.
Future gains in SpaceX and Tesla shares could determine how quickly he returns to trillionaire status.