Elon Musk regained his trillionaire status on Monday as his net worth hit $1 trillion, rising by $65.3 billion or 6.66% from the previous trading day, according to Forbes' real-time billionaires data. The surge came after stocks of his companies SpaceX and Tesla climbed following the market opening, restoring his net worth to the milestone first reached in June.
The increase in Musk’s fortune was driven by a rally in Tesla and SpaceX shares. Tesla’s stock rose over 1% on Monday, while SpaceX shares surged 5% to $167 per share by 10:30 am EDT. The gains followed Morgan Stanley analysts’ assessment that SpaceX shares were undervalued. The rally also came after SpaceX’s Starship successfully reached orbit for the first time last week, boosting investor confidence.
Musk’s net worth had neared the trillion-dollar mark in recent days, with a $61 billion boost on October 2 alone after Tesla’s third-quarter deliveries exceeded analyst expectations. The combined performance of Tesla and SpaceX stocks has been pivotal in pushing Musk’s fortune above $1 trillion. The milestone underscores the market’s positive outlook on Musk’s ventures amid technological advancements and successful space missions.
On October 4, Musk mentioned that SpaceXAI could be renamed “SpaceXSI” following a suggestion by former US President Donald Trump to refer to artificial intelligence as “super intelligence.” As of 10:30 am EDT on Monday, SpaceX’s stock price stood at $167 per share, contributing significantly to Musk’s restored trillionaire status.