NEW YORK — Elon Musk’s net worth has fallen below $1 trillion less than two weeks after he became the first person to reach the milestone, following declines in the share prices of SpaceX and Tesla during a broader technology stock sell-off.
The Bloomberg Billionaires Index valued Musk’s fortune at $946 billion as of Wednesday, down from about $1.11 trillion less than 14 days earlier.
The decline followed a drop in SpaceX and Tesla shares as investors grew more cautious about the long-term profitability of artificial intelligence.
Despite the decline, Musk remained the world’s richest person. According to the Bloomberg Billionaires Index, Larry Page ranked second with a net worth of $296 billion, followed by Sergey Brin at $275 billion, Jeff Bezos at $257 billion and Michael Dell at $223 billion.
SpaceX priced its initial public offering at $135 per share and began trading at $150 on June 12. The listing valued the company at more than $1.77 trillion and pushed Musk’s net worth above $1 trillion.
Musk owns about 42% of SpaceX. His stake in the company, together with his holdings in Tesla and other assets, lifted his fortune past the trillion-dollar mark.
SpaceX shares later climbed to a high of $225.64 on June 16, increasing Musk’s net worth to about $1.32 trillion.
The gains reversed as technology stocks declined. SpaceX shares fell more than 30% from their June peak, including a 16% drop on June 22 that reduced Musk’s net worth by about $240 billion.
Tesla shares fell nearly 6% the following day, adding to the decline.
Founded by Musk in 2002, SpaceX has become one of the world’s largest commercial space companies, providing launch services for government and private customers while developing reusable rocket technology.