Austin, Texas - Elon Musk recently lost his status as the world's first trillionaire after stock in his company SpaceX fell dramatically.
As of Tuesday, Bloomberg's Billionaires Index reported that while Musk maintains his place as the world's richest man, his net worth is now at $957 billion.
The latest figures come after his worth surpassed a trillion dollars after SpaceX went public on June 12, and it appeared on an upward trajectory, as the stock experienced a surge days later that sent the company's market value to more than $2.5 trillion.
But according to Business Insider, SpaceX's stock plummeted this week, with shares closing around $156 on Tuesday – a drop of more than 30% from a peak of $225 on June 16.
The outlet notes that market fluctuations are common, and if the company manages to bounce back, so will Musk's worth.
Other tech companies have have also recently taken hits amid rising fears of an AI bubble and an interest rate increase.
US-based tech billionaires hold the first eight places on the billionaire list, with Google co-founder Larry Page trailing far behind Musk with a net worth of $297 billion.