World’s first trillionaire is no longer a trillionaire!SpaceX founder Elon Musk lost his trillionaire status after a sharp sell-off in Tesla and SpaceX shares pushed the world’s richest person back below the 13-figure mark. According to Bloomberg’s Billionaires Index, Musk’s net worth has fallen to $957 billion. This comes after he become the world’s first trillionaire earlier this month, following SpaceX’s landmark initial public offering, which valued the rocket company at more than $2 trillion.The SpaceX listing triggered a strong rally, with retail investors rushing to buy into the company’s ambitious, futuristic vision. However, the momentum has since lost steam. SpaceX shares closed at around $156 on Tuesday, down more than 30% from their intraday peak of $225 on June 16, although they remain above their June 12 debut price of $150. SpaceX shares are now trading 10% above their IPO price of $135, after opening at $150 on their market debut. Since last week, $600 billion in market value have been wiped off, amid a broader tech sell-off.During the stock’s sharp rally, which took shares to a peak of about $225, SpaceX briefly overtook Amazon and Microsoft to become the world’s fourth most valuable publicly listed company. The recent decline in SpaceX and other technology stocks comes amid mounting concerns over a potential AI-driven market bubble and the possibility of higher interest rates. In previous session, US semiconductor stocks suffered steep losses as investors pulled money out of AI-linked companies, triggering a broad sell-off in a sector that has been a major driver of market gains over the past year. The Nasdaq Composite declined 2.2%, while the semiconductor index slid 7.9%, reversing some of the strong gains recorded during the recent AI-driven rally. Micron Technology, a key beneficiary of the AI investment boom, was among the hardest hit, with its shares tumbling 13%. Big-ticket IPOs often see sharp ups and downs in their early days on the stock market. A Reuters analysis of the 50 largest IPOs by valuation over the past five years found that investors would have earned better returns from an S&P 500 index fund than from these IPOs, about 75% of the time. Technology stocks have also been under pressure due to expectations of tighter monetary policy under USFederal Reserve Chair Kevin Warsh. Concerns have grown as recent economic data suggests the U.S. economy remains strong, reducing the likelihood of lower interest rates.
