Elon Musk loses trillionaire status: Here's why his net worth fell

World's first trillionaire is no longer a trillionaire!SpaceX founder Elon Musk lost his trillionaire status after a sharp sell-off in Tesla and SpaceX shares pushed the world's richest person back below the 13-figure mark.

According to Bloomberg's Billionaires Index, Musk's net worth has fallen to $957 billion.

This comes after he become the world's first trillionaire earlier this month, following SpaceX's landmark initial public offering, which valued the rocket company at more than $2 trillion.The SpaceX listing triggered a strong rally, with retail investors rushing to buy into the company's ambitious, futuristic vision.

However, the momentum has since lost steam.

SpaceX shares closed at around $156 on Tuesday, down more than 30% from their intraday peak of $225 on June 16, although they remain above their June 12 debut price of $150.

SpaceX shares are now trading just 14% above their IPO price of $135, after opening at $150 on their market debut.

During the stock's sharp rally, which took shares to a peak of about $225, SpaceX briefly overtook Amazon and Microsoft to become the world's fourth most valuable publicly listed company.

The recent decline in SpaceX and other technology stocks comes amid mounting concerns over a potential AI-driven market bubble and the possibility of higher interest rates.Get the latest business news and top stories.

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