Elon Musk lost the trillion mark when the global technology transfer reached SpaceX

Tech entrepreneur Elon Musk lost his trillionaire status on Tuesday. Less than two weeks According to data from Bloomberg, it was the man who achieved the first success following the official launch of SpaceX.

The Bloomberg Billionaires Index – updated daily at 17:30 New York (22:30 BST) – estimated his wealth at $957bn (£727bn) on Tuesday, down from $1.11tn 14 days earlier.

The reversal followed sharp pullbacks in shares of SpaceX and Tesla, as did tech stocks. It is widely scuttled.Doubts are growing about the long-term profitability of artificial intelligence.

Despite the loss, Musk is the world’s richest man, and his wealth still dwarfs his closest rivals.

The billionaire first made history on June 12 with his rocket company SpaceX going public on the Nasdaq exchange.

Blockbuster’s initial public offering (IPO) was priced at $135 per share and opened at $150 when trading began.

The initial cost of the rocket and the massive satellite was over $1.77 trillion. Since Musk owns about 42 percent of SpaceX, the listing immediately pushed his paper fortune past $1 trillion.

On June 16, investor excitement drove SpaceX shares to $225.64, pushing Musk’s total net worth to $1.32 trillion.

However, the market rally did not last.

Concerns over capital spending, artificial intelligence infrastructure costs and stubborn interest rates have fueled a broad tech sell-off and hit high-flying tech companies like Nvidia, Intel and AMD especially hard.

But SpaceX shares bore the brunt of the correction, down more than 30% from their mid-June peak to $156.

A 16 percent one-day drop on Monday, June 22, wiped an estimated $240 billion off Musk’s personal balance sheet in a tumultuous one day.

Similarly, Tesla’s electric vehicle shares slid nearly 6% a day later, exacerbating its financial losses. Musk already owns about 12% of Tesla.

Musk’s billionaire status is particularly vulnerable due to his vast accumulation of wealth. Unlike traditional billionaires with diverse portfolios, his wealth is almost entirely tied to equity in two companies: SpaceX, which represents 80 percent of his total wealth, and Tesla.

Market analysts note that post-IPO volatility is almost entirely standard for high-value growth companies, although the magnitude of the movement reflects a deep battle between hype and reality.

“A lot of decision-making for a stock like SpaceX can be emotional and based on anticipation of big future changes in space exploration and use, but investing should be treated with clear eyes and patience, even when such huge numbers are involved,” said Danny Hewson, head of financial analysis at AJ Bell.

With the lifting of restrictions on company insiders to sell their shares at the end of July, market pressure is likely to continue.

However, with a modest 6% recovery in SpaceX stock returning it to 13-figure status, Musk could easily become the world’s first repeat billionaire.