Elon Musk briefly became the world’s first trillionaire after SpaceX’s IPO pushed his wealth above $1 trillion, but that status has since ended. A sharp global sell-off hit SpaceX shares and also dragged Tesla’s stock lower, leading Musk’s fortune to fall back below the $1 trillion mark.

Bloomberg’s Billionaires Index figures cited in the coverage put Musk’s net worth around $957 billion after the declines. SpaceX’s valuation, which had surged dramatically in the days around its market debut, retreated quickly as volatility set in following the IPO. Musk’s wealth is heavily concentrated in his SpaceX stake, so even a relatively small percentage drop in the stock can translate into very large changes in his total net worth.

The report also notes that pressure on the tech sector more broadly contributed to the move, with Tesla among the companies affected. Even after dropping under $1 trillion, Musk remains the richest person in the world, but the article frames the episode as a reminder of how quickly fortunes at this level can swing with stock-market moves.