Nigeria, June 24 -- SpaceX founder Elon Musk has lost his trillionaire status after a decline in his aerospace company's valuation, and new restrictions on his Tesla shares reduced his net worth.

Mr Musk is now worth an estimated $962 billion as of Tuesday, according to Forbes.

On 12 June, Mr Musk's net worth rose to an estimated $1.1 trillion following SpaceX's market debut on the Nasdaq stock exchange.

The momentum in the technology entrepreneur's wealth continued on 16 June when SpaceX's stock jumped 40 per cent to an all-time high, pushing Mr Musk's fortune to a record $1.45 trillion.

However, his net worth subsequently declined by 31 per cent on Tuesday, following a slump in SpaceX's stock price and new restrictions on $116 billi...