Musk is a trillionaire again as SpaceX claws back post-IPO slump
It marks the first time in three months that the 55-year-old tech mogul’s fortune has required 13 numerals.
On October 5, the world's richest person's fortune skyrocketed by US$65 billion (S$83.2 billion), reaching an astonishing US$1.04 trillion, according to the Bloomberg Billionaires Index. This surge in wealth was driven by a 13% increase in SpaceX shares and a 6.7% gain in Tesla shares. For the first time in three months, Tesla mogul Elon Musk reclaimed the title of trillionaire, marking a significant turnaround from his previous slump in wealth.
In June, Musk had become the first trillionaire after SpaceX's impressive initial public offering, but his fortune took a hit as shares plummeted due to concerns over the company's inflated valuation. By late July, Musk's wealth had plummeted by US$600 billion from its peak, surpassing the net worth of any individual ever listed on Bloomberg's richest people index, except Musk himself.
However, recent optimism has fueled Musk's financial rebound. Morgan Stanley analysts recently deemed SpaceX a cost-effective investment in the booming space and intelligence sector, contributing to a 58% rebound in shares from an August low. Additionally, Tesla reported better-than-anticipated sales for the third quarter, further bolstering Musk's financial standing.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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