Elon Musk is a trillionaire again. The fortune of the world's richest person jumped by $65 billion on Monday to $1.04 trillion, according to the Bloomberg Billionaires Index, as the value of his stakes in SpaceX and Tesla rose.
SpaceX shares are up 13 per cent since the start of October while Tesla has gained 6.7 per cent, and Monday marked the first time in three months that Musk's net worth has required 13 numerals. He first became the world's first trillionaire in June, when SpaceX surged after its record-breaking initial public offering, but quickly lost the title as the shares slumped on concerns about the company's sky-high valuation. At one point in late July, his decline from the peak exceeded the entire net worth of anyone else who had ever appeared on Bloomberg's list of the world's 500 richest people.
Renewed optimism at both companies
The latest gains have been fuelled by renewed confidence in both businesses. On Monday, Morgan Stanley analysts called SpaceX one of the cheapest ways to play the "strong optionality" of the space and intelligence sector, adding to a rally in which the company's shares have rebounded 58 per cent from an August low. Tesla, meanwhile, reported better-than-expected third-quarter sales last week. According to Bloomberg's wealth index, Musk's stakes in SpaceX and Tesla account for more than 98 per cent of his net worth.
Forbes, which uses different methodology, also reported Musk crossing back above $1 trillion on Monday, though with a smaller single-day increase of around $30 billion. By either measure, he is once again the sole member of the trillionaire club — and comfortably ahead of the rest of the world's wealth rankings.
Sources:
Elon Musk's fortune jumps to $1.04 trillion as SpaceX, Tesla rise — The HinduBusinessLine
Musk is a trillionaire again as SpaceX claws back post-ipo slump — The Business Times
SpaceX shares are up 13 per cent since the start of October while Tesla has gained 6.7 per cent, and Monday marked the first time in three months that Musk's net worth has required 13 numerals. He first became the world's first trillionaire in June, when SpaceX surged after its record-breaking initial public offering, but quickly lost the title as the shares slumped on concerns about the company's sky-high valuation. At one point in late July, his decline from the peak exceeded the entire net worth of anyone else who had ever appeared on Bloomberg's list of the world's 500 richest people.
Renewed optimism at both companies
The latest gains have been fuelled by renewed confidence in both businesses. On Monday, Morgan Stanley analysts called SpaceX one of the cheapest ways to play the "strong optionality" of the space and intelligence sector, adding to a rally in which the company's shares have rebounded 58 per cent from an August low. Tesla, meanwhile, reported better-than-expected third-quarter sales last week. According to Bloomberg's wealth index, Musk's stakes in SpaceX and Tesla account for more than 98 per cent of his net worth.
Forbes, which uses different methodology, also reported Musk crossing back above $1 trillion on Monday, though with a smaller single-day increase of around $30 billion. By either measure, he is once again the sole member of the trillionaire club — and comfortably ahead of the rest of the world's wealth rankings.
Sources:
Elon Musk's fortune jumps to $1.04 trillion as SpaceX, Tesla rise — The HinduBusinessLine
Musk is a trillionaire again as SpaceX claws back post-ipo slump — The Business Times
