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.