Elon Musk's net worth has sharply decreased, with a reported loss of $33 billion as of Thursday, according to the Bloomberg Billionaires Index.

Despite this substantial decline, Musk's net worth remains at $335 billion, allowing him to retain the title of the world's richest person by a significant margin.

However, this loss marks one of the most significant financial downturns Musk has faced to date.

The notable decrease in Musk's wealth coincided with an escalating public dispute between him and former President Donald Trump, which has directly impacted Tesla's stock performance.

By market close, Tesla's shares had dropped approximately 14.2%, resulting in a decline of nearly $152 billion from the company's market valuation, which now stands at around $900 billion.

Tesla has faced ongoing challenges throughout the year, characterized by declining sales and a lukewarm global reception of its products.

These issues have been partially attributed to Musk's association with far-right politics, his controversial role in the White House, and his repeated contentious statements.

According to reports, traders engaging in short selling of Tesla stocks have profited significantly amid the ongoing tensions.

In related news, the President of South Korea has engaged in discussions with Donald Trump regarding tariff policies, reflecting continuing economic dialogue between the two nations.