Elon Musk, chief executive officer of Tesla and SpaceX, has recorded a decline in his net worth amid fluctuations in the valuation of the privately held rocket company.

According to the Bloomberg Billionaires Index, Musk’s fortune has seen recent swings, reflecting broader changes in investor sentiment and market conditions affecting his business interests.

SpaceX, which remains privately owned, has experienced strong valuation growth in recent years, driven by its dominance in commercial space launches and expansion of its Starlink satellite network. However, like many high-growth companies, its valuation is subject to periodic adjustments, particularly as it explores new funding strategies.

Analysts say any shift in SpaceX’s valuation has a direct impact on Musk’s wealth, given his significant ownership stake in the company, alongside his holdings in Tesla.

Despite the recent dip, Musk remains one of the world’s richest individuals, according to rankings by Forbes, with his net worth continuing to be closely tied to the performance of his major ventures.