Musk no longer a trillionaire: SpaceX stock plunge cuts fortune below $1 trillion

Elon Musk is no longer a trillionaire, according to Bloomberg estimates. His wealth has dropped to $957 billion, slipping below the $1 trillion mark. The decline is attributed to a significant fall in the stock price of his aerospace and technology company, SpaceX.

At the close of trading on Tuesday, SpaceX shares were at $156, down from a previous high of $225. Pre-market trading on Wednesday saw further declines.

SpaceX began trading on the stock exchange on June 12 at $150 per share, closing the first session at $160. At that time, the company's market capitalization exceeded $2 trillion, making Musk the first trillionaire in history.

According to Bloomberg, the second-richest person globally is Google co-founder Larry Page with $297 billion, followed by Sergey Brin with $276 billion.