Elon Musk lost his trillionaire status as shares in his SpaceX rocket and AI firm tumbled.

The tycoon became the world’s first trillionaire through a record-breaking initial public offering this month.

Shares in SpaceX jumped from a $135 start on June 12 to a high of $225 on June 16 – but crashed 35 per cent to a low of $147 on Tuesday, wiping more than $1 trillion off its value.

That sent Musk’s fortune tumbling from $1.45 trillion to $962bn, according to calculations by Forbes. 

SpaceX shares were $154 last night, meaning Musk may soon be a trillionaire once again though his wealth is also tied up in the fortunes of electric carmaker Tesla.

Ben McKeown, investment manager at Dowgate Wealth, said: ‘The old adage is, you concentrate to build wealth, and diversify to keep it. 

'Musk is the most extreme example. Almost his entire net worth sits in Tesla and SpaceX, which have been extremely volatile.’