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

Tesla shed about $80 billion of its market value on Tuesday, an amount that overshadows the combined value of Feneral Motors Co & Ford Motor Co, after its surprise exclusion from S&P 500 index.

Tesla loses more than combined of Feneral & Ford Motor's value of GM

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

Tesla loses more than combined of Feneral & Ford Motor's value of GM