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Elon Musk has fallen below the trillion-dollar net worth mark less than two weeks after becoming the first person to reach the milestone, as a sharp decline in technology stocks erased hundreds of billions of dollars from his paper fortune.

The Bloomberg Billionaires Index valued Musk’s wealth at $957 billion on Tuesday, down from approximately $1.11 trillion less than two weeks earlier. The decline followed steep losses in shares of SpaceX and Tesla amid a broader market sell-off fueled by growing concerns over artificial intelligence spending, high interest rates, and the sustainability of soaring tech valuations.

Musk first crossed the trillion-dollar threshold on June 12 after SpaceX made its long-awaited debut on the Nasdaq. The company’s shares were priced at $135 in the initial public offering before opening at $150, giving the aerospace giant a valuation exceeding $1.77 trillion. With an estimated 42% stake in SpaceX, Musk’s personal fortune surged past $1 trillion almost immediately.

Investor enthusiasm continued to push SpaceX shares higher, reaching a peak of $225.64 on June 16 and lifting Musk’s net worth to an estimated $1.32 trillion. However, the rally quickly reversed as investors began pulling back from high-growth technology stocks.

SpaceX shares have since fallen more than 30% from their mid-June high, trading around $156. A single 16% drop on June 22 reportedly wiped about $240 billion from Musk’s wealth, while Tesla shares declined nearly 6% the following day, adding to the losses.

Unlike many of the world’s wealthiest individuals, Musk’s fortune is heavily concentrated in just two companies. SpaceX accounts for nearly 80% of his net worth, while his stake in Tesla makes up most of the remainder, leaving his wealth particularly sensitive to stock market swings.

Despite the setback, Musk remains the richest person in the world by a significant margin. Analysts note that sharp price swings are common after major public listings, especially for companies with exceptionally high valuations. With insider trading restrictions expected to ease in late July and only a modest rebound in SpaceX shares needed to restore his trillionaire status, Musk could soon reclaim the historic milestone.