Elon Musk has lost his trillionaire status again after a fresh $66 billion drop in his fortune on the first trading day of July, underscoring how quickly his wealth has moved with the sharp swings in SpaceX shares since the company’s stock market debut.

The Pretoria-born entrepreneur’s net worth fell from more than $1 trillion at the start of trading on Wednesday, July 1, to below $990 billion by the close, according to estimates from Forbes and Bloomberg. The decline marks the second time in less than two weeks that Musk’s fortune has slipped below the $1 trillion threshold.

SpaceX sell-off cuts Musk’s net worth

The latest setback followed a sharp selloff in SpaceX shares. The stock closed down 7.8 percent at $157.50 on Wednesday, leaving the company’s market value at about $2.07 trillion. The decline came just weeks after SpaceX began trading on the Nasdaq Stock Market on June 11.

As SpaceX’s largest shareholder, Musk owns 42 percent of the company and controls roughly 82 percent of its voting power through Class B shares. Bloomberg estimated that Wednesday’s decline in SpaceX stock erased $66.2 billion from his fortune, reducing his net worth to $982 billion. Forbes put the one-day decline at $66.3 billion, leaving his fortune at $986.8 billion.

Musk’s fortune has swung sharply since SpaceX went public. His net worth climbed to as much as $1.45 trillion a week after the company’s initial public offering before a decline in the stock erased more than $300 billion from his wealth.

Last week, Forbes also cut its estimate of Musk’s fortune after removing about $116 billion in restricted Tesla shares from its calculations. The revision followed Tesla’s decision to replace Musk’s disputed 2018 chief executive pay package with a new compensation plan that vests only if he remains in a senior leadership role through January 2028.

Market weighs SpaceX post-IPO revenue guidance

Wednesday’s decline also came as Musk pushed back against a report from The Wall Street Journal, which said SpaceX had shown investors a prototype of a handset-like artificial intelligence device powered by Qualcomm’s Snapdragon processor. Musk dismissed the report on X, calling it “utterly false.”

Even as SpaceX shares have become more volatile, Musk has continued to outline ambitious plans for the company. In mid-June, he said that SpaceX could generate $1 trillion in annual revenue by 2030, adding that he would be surprised if revenue did not exceed that level in 2031.

The comments came days after SpaceX’s IPO and reflected Musk’s confidence that the company can continue expanding its launch, satellite and space services businesses, even as investors weigh the risks that come with one of the market’s most closely watched stocks.