Chief Executive Officer, CEO, of Tesla and SpaceX, Elon Musk, has lost his trillionaire status following a sharp decline in the value of the rocket company’s shares.

According to the Bloomberg Billionaires Index, Musk’s net worth fell to $946 billion, yesterday, down from the more than $1 trillion valuation recorded on June 12 following SpaceX’s initial public offering, IPO.

The billionaire became the world’s first trillionaire after the successful listing of SpaceX, with his fortune surging from $707 billion to more than $1.1 trillion within days of the company’s market debut.

However, less than two weeks later, a sustained decline in SpaceX shares has erased hundreds of billions of dollars from his wealth.

However, Forbes reported that Musk’s net worth fell from $1.45 trillion to just under $1.1 trillion after SpaceX’s share price dropped nearly 30 percent from its June 16 peak.

The company’s shares had surged as much as 67 percent during their first three days of trading after the record-breaking IPO, which valued SpaceX at more than $1.8 trillion.

Since then, the stock has fallen for three consecutive trading sessions, wiping out about $928 billion in market value from a peak of $2.9 trillion to roughly $2 trillion.

Musk’s wealth is largely tied to his 38 percent stake in SpaceX, alongside his 11 percent holding in Tesla and investments in several other ventures.

The decline accelerated on Monday when SpaceX shares fell 16.4 percent after the company announced plans for its first investment-grade bond offering aimed at raising at least $20 billion to fund its artificial intelligence ambitions.

Checks by TheCable shows SpaceX shares were trading at about $155 on Thursday, down sharply from their post-IPO peak of $225.64 but still above the company’s $135 listing price.

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