Elon Musk’s net worth surged by US$65 billion on Monday as a rebound in SpaceX and Tesla shares pushed his fortune back above the US$1 trillion mark for the first time in three months.
Musk’s wealth reached US$1.04 trillion, according to the Bloomberg Billionaires Index, with his holdings in SpaceX and Tesla accounting for more than 98% of his net worth.
SpaceX shares have climbed 13% since the start of October, while Tesla has gained 6.7% over the same period.
The latest rally follows renewed investor optimism over both companies. SpaceX shares have rebounded 58% from their August low, with Morgan Stanley analysts on Monday describing the company as one of the cheapest ways to gain exposure to the “strong optionality” of the space and intelligence sector.
Tesla also reported better-than-expected third-quarter sales last week, adding to the positive sentiment surrounding Musk’s businesses.
Musk previously became the world’s first trillionaire in June after SpaceX surged following its record-breaking initial public offering, but his wealth subsequently fell as the company’s shares declined amid concerns over its valuation.
By late July, Musk had lost more than US$600 billion from his peak wealth, a decline larger than the entire net worth of anyone else who had appeared on the Bloomberg Billionaires Index’s list of the 500 richest people, apart from Musk himself.
The 55-year-old’s latest return to trillionaire status comes as SpaceX continues to recover from its post-IPO slump.
Bloomberg
