Elon Musk is headed back down to Earth.

The richest person in the world is no longer a trillionaire after Tesla and SpaceX share prices plunged during Tuesday's global stock sell-off. He is now worth $957 billion, according to Bloomberg's Billionaires Index.

Musk became a trillionaire earlier this month, moments after SpaceX's historic initial public offering valued the rocket company at more than $2 trillion. The stock rallied for days, with retail investors eager to get in on the company's sci-fi-like promises.

But this week, SpaceX's stock has plummeted. Shares closed around $156 on Tuesday, down more than 30% from an intraday peak of $225 on June 16, though still more than the $150 at which shares began trading on June 12.

Tech stocks have been hit in recent days amid fears of an AI bubble and an interest rate increase.

Some analysts have questioned SpaceX's sky-high valuation and moonshot goals, from data centers in space to putting humans on Mars. The coming expiration of the lockup period, when early investors and shareholders can cash out their stakes, will be a major test.

SpaceX's S-1 filing ahead of the IPO revealed that the company posted a $4.9 billion loss in 2025, with its money-losing AI segment racking up $12.7 billion in capital expenditures.

The rocket company is still Musk's most valuable asset. His shares were worth $744 billion as of Tuesday, and accounted for nearly 80% of his net worth, according to Bloomberg. His stake in Tesla, worth $158 billion, has also been hit by the sell-off.

Of course, market fluctuations are typical — and if SpaceX bounces back, so will Musk's net worth.

Musk's fortune still significantly exceeds that of the richest runner-up, Google cofounder Larry Page. For perspective, the discrepancy between the two — roughly $660 billion — is equivalent to more than two Jeff Bezoses.