Elon Musk remains the world's richest person, but his fortune has suffered one of the sharpest declines ever recorded after heavy selling in Tesla and SpaceX shares. According to the Bloomberg Billionaires Index, Musk's net worth has fallen below the level it stood at before SpaceX's blockbuster stock market debut. His estimated fortune has dropped from around $1.45 trillion to just over $700 billion, wiping out roughly $650 billion in paper wealth within just a few weeks. The decline follows a steep correction in SpaceX shares, which have fallen around 45% since their record-breaking IPO, while Tesla stock has dropped approximately 17% after reporting weaker-than-expected second-quarter earnings.

Elon Musk Loses Nearly $650 Billion In Weeks | Tesla And SpaceX Selloff Ends Trillionaire Status

The Middle East conflict has entered another dangerous phase as the United States launched its 12th consecutive night of strikes targeting Iranian military infrastructure. President Donald Trump declared that Iran is "not ready to make a deal," while insisting Tehran will eventually agree under mounting military pressure.

Meanwhile, Yemen's Houthi rebels claimed responsibility for attacks on Saudi oil tankers in the Red Sea, intensifying fears over global shipping routes and energy security. Kuwait reported intercepting hostile drones, while the US House approved a $95 billion budget package supporting operations linked to the Iran conflict. The United States and Saudi Arabia also signed a landmark civil nuclear cooperation agreement. In South America, mass protests erupted in Argentina against President Javier Milei's austerity measures, while Tesla missed Wall Street expectations despite billion-dollar profits.

US hits Iran for 12th night | Trump says Iran not ready for deal | Houthis strike Saudi tankers

Tesla shares soared 22 per cent to close at $260.48 on October 24, the stock’s best day since 2013, following the company’s better-than-expected earnings report according to a detailed report by CNBC.

Tesla stock rally 22% for best day in over a decade on Musk’s 2025 growth projection

Tesla shares saw a 12 per cent jump after the company reported its third-quarter earnings on Wednesday. The electric-car manufacturer was able to bounce back from a tough second quarter, beating Wall Street expectations for earnings per share.

Tesla shares rise in third-quarter earnings even as expected revenue is lower

The electric vehicle market leader Tesla has announced that it has opened a new dealership in Urumqi, which is the capital of Xinjiang in China. American activists are appealing to Tesla to cease what they call economic support for genocide.

Tesla inc opens new showroom in China's Xinjiang region

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Elon Musk Loses Nearly $650 Billion In Weeks | Tesla And SpaceX Selloff Ends Trillionaire Status

US hits Iran for 12th night | Trump says Iran not ready for deal | Houthis strike Saudi tankers

Tesla stock rally 22% for best day in over a decade on Musk’s 2025 growth projection

Tesla shares rise in third-quarter earnings even as expected revenue is lower

Tesla inc opens new showroom in China's Xinjiang region