Elon Musk Loses Trillionaire Status After SpaceX Share Drop

Elon Musk lost his status as a trillionaire on Tuesday when the Bloomberg Billionaires Index valued his fortune at $957 billion. The figure marked a decline from $1.11 trillion recorded less than 14 days earlier, according to bbc.co.uk reported. Musk first crossed the trillion-dollar threshold after SpaceX began trading on the Nasdaq exchange on 12 June.

The shares were priced at $135 and opened at $150, valuing the company at more than $1.77 trillion. Musk held roughly 42 percent of SpaceX at the time. Shares climbed to $225.64 by 16 June, lifting Musk's net worth to a peak of $1.32 trillion.

On 22 June the stock fell 16 percent in one session, removing an estimated $240 billion from his holdings. SpaceX accounts for nearly 80 percent of Musk's wealth while his stake in Tesla represents about 12 percent. The index is updated daily at 17:30 New York time.

Musk remains the world's richest person. Restrictions that permit company insiders to sell SpaceX shares in stages are scheduled to lift in late July.