Musk is a trillionaire again as SpaceX claws back post-IPO slump
Musk’s stake in SpaceX and Tesla makes up more than 98% of his net worth
In a significant development, the wealth of the world's richest person surged by $65 billion on Monday, reaching an impressive $1.04 trillion, according to Bloomberg Billionaires Index. This surge was driven by the rise in the value of Elon Musk's stakes in SpaceX and Tesla Inc. SpaceX shares have gained 13% since the beginning of October, while Tesla has soared by 6.7%.
This marks the first time in three months that Musk's fortune has expanded to require 13 digits. Musk first achieved the trillionaire status in June when SpaceX soared following its record-breaking initial public offering. However, he quickly lost that title as shares declined due to concerns about the high valuation. As of late July, Musk's wealth decline from its peak surpassed the net worth of anyone who had ever been on Bloomberg's list of the world's 500 richest people, except Musk himself.
The latest gains can be attributed to renewed optimism in both companies. Analysts at Morgan Stanley have highlighted SpaceX as a cost-effective option to play in the space and intelligence sector. Tesla also reported better-than-expected sales for the third quarter last week. Musk's stake in SpaceX and Tesla accounts for over 98% of his net worth, as per Bloomberg's wealth index.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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