South African-born entrepreneur Elon Musk is no longer a trillionaire. His net worth has fallen below the $1 trillion mark less than two weeks after SpaceX's Nasdaq listing made him the world's first person to reach that level.

The reversal followed a sharp decline in SpaceX shares. Bloomberg's Billionaires Index now places his fortune at approximately $946 billion.

SpaceX listing fuels brief trillion-dollar peak

SpaceX began trading on the Nasdaq on 12 June. The listing initially lifted Musk's net worth to $1.1 trillion. Four days later, a further 40% rise in SpaceX's share price pushed his wealth to a record $1.45 trillion, according to Forbes.

The gains did not hold. SpaceX shares have since fallen more than 30% from their mid-June peak. A 16% drop on 22 June alone wiped out an estimated $240 billion from Musk's fortune. Bloomberg now reports his net worth at roughly $946 billion.

This marked the end of Elon Musk's time as a trillionaire. Network24 had earlier reported the milestone after the Nasdaq debut.

Concentrated wealth leaves Musk exposed to swings

Musk's fortune remains heavily concentrated. SpaceX accounts for almost 80% of his net worth, with Tesla making up most of the rest. This structure makes his wealth more sensitive to moves in those two stocks than many other billionaires' portfolios.

A broader sell-off in technology shares contributed to the drop. The BBC linked the losses to investor concerns about high spending on artificial intelligence and capital expenditure. Despite the decline, the Bloomberg Billionaires Index still ranks Musk as the world's richest person, though his lead has narrowed by hundreds of billions in recent days.

The Guardian reports Google co-founder Larry Page, valued at $296 billion, as his closest competitor. Musk has nevertheless added about $338 billion to his wealth since the start of the year — more than Page's entire fortune.

Small rebound could restore trillionaire status

A recovery of just 6% in SpaceX's share price would likely return Musk above the $1 trillion threshold, the BBC reports. This suggests his period below the mark may prove temporary if market conditions improve.

No public comment has been made by Musk or SpaceX on the latest valuation shift.