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Fez– Elon Musk is no longer a trillionaire after a sharp decline in technology stocks reduced the value of his holdings in SpaceX and Tesla.
According to the Bloomberg Billionaires Index, Musk’s net worth fell to $957 billion on Tuesday, down from $1.11 trillion less than two weeks earlier.
The drop came after a broad sell-off in technology shares, driven by growing investor concerns over the long-term returns of artificial intelligence investments.
Despite the decline, Musk remains the world’s richest person by a significant margin.
Musk became the first person to surpass a net worth of $1 trillion on June 12 following the public listing of SpaceX on the Nasdaq stock exchange.
The company’s shares were priced at $135 during its initial public offering and opened at $150, giving SpaceX a valuation of more than $1.77 trillion.
As the company’s founder and largest shareholder, Musk owns about 42% of SpaceX.
The listing pushed his personal fortune above the trillion-dollar mark.
Investor enthusiasm continued in the days following the debut, with SpaceX shares reaching a high of $225.64 on June 16.
At that point, Musk’s net worth climbed to an estimated $1.32 trillion.
However, the rally proved short-lived.
Technology stocks came under pressure as investors reassessed spending on artificial intelligence infrastructure, rising capital costs, and the impact of persistently high interest rates.
Major technology companies, including Nvidia, Intel and AMD, were affected by the market downturn.
SpaceX shares were among the hardest hit, falling more than 30% from their mid-June peak.
On June 22 alone, the stock dropped 16%, wiping an estimated $240 billion from Musk’s personal wealth.
Tesla also contributed to the decline. Shares of the electric vehicle maker fell nearly 6% the following day.
Musk owns around 12% of Tesla.
Analysts note that large price swings are common after major stock market listings, particularly for high-growth companies with lofty valuations.
Danni Hewson, head of financial analysis at AJ Bell, said investors should remain cautious when assessing companies that attract strong public enthusiasm.
She noted that investment decisions should be guided by long-term fundamentals rather than excitement surrounding future technological breakthroughs.
Musk’s wealth remains heavily concentrated in SpaceX and Tesla, making it especially sensitive to movements in their share prices. SpaceX alone accounts for nearly four-fifths of his total fortune.
Market observers say further volatility could follow as restrictions on insider share sales begin to ease in late July.
Even so, a relatively small recovery in SpaceX shares could return Musk to trillionaire status in the coming weeks.
For now, the world’s richest individual has lost a historic milestone, but his position at the top of the global wealth rankings remains unchanged.
