Elon Musk regains trillionaire status after SpaceX and Tesla rally
Elon Musk's net worth hit US$1.04 trillion on 5 October, regaining trillionaire status after shares of SpaceX and Tesla surged, adding US$65 billion in a day, according to the Bloomberg Billionaires Index.
Elon Musk has reclaimed his title as the world's sole trillionaire after a sharp rally in shares of SpaceX and Tesla boosted his fortune by US$65 billion in a single day, according to the Bloomberg Billionaires Index.
Musk's net worth stood at US$1.04 trillion as of 5 October, marking the first time in three months that the fortune of the world's richest person has crossed the 13-figure threshold. The 55-year-old tech mogul first crossed the trillion-dollar milestone in June following a record-shattering initial public offering for rocket maker SpaceX.
However, the status proved fleeting as shares tumbled later in the summer amid investor scrutiny over the company's lofty valuation. By late July, a decline of more than US$600 billion from his peak net worth had wiped out more paper wealth than the entire fortune of any other individual on Bloomberg's 500 richest tracker.
Renewed market optimism has since reversed that slide. SpaceX shares have climbed 13 per cent since the start of October, while electric vehicle maker Tesla has gained 6.7 per cent, buoyed by third-quarter sales figures released last week that topped Wall Street expectations.
Musk's equity holdings in SpaceX and Tesla account for more than 98 per cent of his total net worth, the index showed.