Tech billionaire Elon Musk has reportedly dropped below the trillionaire mark after his net worth declined by an estimated $118 billion.

The sharp reduction in wealth comes amid fluctuations in the value of his business holdings, particularly in the technology and automotive sectors, where investor sentiment and market performance have played a significant role in determining valuations.

Musk, who remains one of the world’s wealthiest individuals, has seen his fortune closely tied to the performance of companies including Tesla and SpaceX. Changes in stock prices and broader economic conditions have contributed to the recent decline in his overall net worth.

Despite the setback, financial analysts note that Musk continues to hold a commanding position among the world’s richest people, with substantial stakes in several high-profile companies spanning electric vehicles, artificial intelligence, social media, and space exploration.

The development highlights the volatility of billionaire wealth, particularly when fortunes are heavily linked to publicly traded companies whose valuations can shift dramatically over short periods.

Market observers say fluctuations of this magnitude are not uncommon among the world’s richest individuals, especially during periods of economic uncertainty and changing investor expectations.

While the loss has pushed Musk below the symbolic trillionaire threshold, he remains a dominant figure in global business and technology, with his ventures continuing to attract significant investor attention.

Global energy markets are in freefall after U.S. President Donald Trump announced a breakthrough deal with Iran to end the war and completely reopen the vital Strait of Hormuz.

​In immediate response to the diplomatic breakthrough, Brent crude—the global oil benchmark—dropped sharply by 4.7% to $83.24 (£61.94) a barrel. Financial markets reacted with a massive sigh of relief, sending shares in Asia and Europe jumping as geopolitical tensions eased.

​The historic agreement was reached with the help of Pakistan, which has served as a key mediator throughout the conflict. According to the Prime Minister of Pakistan, the United States and Iran are scheduled to formally sign a memorandum of understanding in Switzerland this Friday. Trump further confirmed on Sunday that the U.S. naval blockade of Iranian ports would end, and promised that the Strait of Hormuz would be open “toll free.”

​The resolution comes after a devastating three-month disruption to the global economy. The world has lost millions of barrels of oil and gas supply since the war closed the Strait of Hormuz, a critical maritime chokepoint that handles a fifth of the world’s total oil and liquefied natural gas supplies.

Relief is expected to materialize over the coming weeks. According to Iran’s semi-official Mehr news agency, the draft deal calls for reopening the Strait of Hormuz within 30 days under Iranian arrangements, paving the way for a full restoration of global energy trade.

The United States has reportedly requested permission from the Nigerian government to establish a drone refuelling station within Nigeria, as part of efforts to deepen security and defence cooperation in West Africa.
According to multiple reports, the proposed facility would support U.S. surveillance and strike-capable drones that currently operate out of Accra, Ghana. The refuelling station would enable these unmanned aerial vehicles to extend their operational range and duration, including missions conducted within or around Nigerian airspace.
Sources familiar with the matter say discussions between both countries are at an advanced stage, although no formal agreement has been publicly announced. The talks are believed to be focused on logistics, operational scope, legal frameworks, and oversight mechanisms that would govern the presence and use of the facility.
The development has generated renewed public debate over issues of national sovereignty, regional security, and the expanding footprint of the United States military across West Africa. While supporters argue that the move could strengthen intelligence-sharing and counterterrorism efforts, critics warn that foreign military installations may undermine Nigeria’s autonomy and draw the country deeper into global power rivalries.
Nigeria has faced persistent security challenges in recent years, including insurgency in the North-East, banditry and kidnappings in the North-West, and piracy in the Gulf of Guinea. The United States has long partnered with Nigeria on security initiatives, providing training, intelligence support, and military equipment aimed at addressing these threats.
However, the possibility of hosting a U.S. drone refuelling station has raised concerns among analysts and civil society groups about transparency, accountability, and the potential long-term implications for regional stability. Questions have also been raised about how such an arrangement would align with Nigeria’s defence policies and its role as a leading power in West Africa.
As of now, Nigerian authorities have not officially confirmed or denied the reports. Observers say any final decision is likely to attract intense scrutiny from lawmakers, security experts, and the general public, given the sensitive nature of foreign military cooperation on Nigerian soil.