Elon Musk’s wealth tops $1 trillion again as Tesla and SpaceX shares surge
According to the Bloomberg Billionaires Index, Elon Musk’s net worth rose by $65 billion on Monday, October 5, to $1.04 trillion, driven by gains in the value of Tesla and SpaceX shares.
The report said SpaceX shares have climbed 13% since the start of October, while Tesla shares have risen 6.7% over the same period.
Bloomberg said this is the first time in three months that the 55-year-old entrepreneur’s wealth has again crossed the $1 trillion mark, a level that first placed him as the world’s first trillionaire in June, although that record did not hold.
Bloomberg noted that after SpaceX’s historic initial public offering and the company’s surge in value, concerns about its overvaluation, combined with a fall in share prices, caused a significant drop in Musk’s wealth.
According to the same report, by the end of July, the decline in his wealth from its previous peak had reached more than $600 billion, a figure Bloomberg described as greater than the entire wealth of any other person in the organization’s list of the world’s 500 richest people, except Musk himself.
Bloomberg analysts said renewed investor confidence in the outlook for SpaceX and Tesla was the main factor behind the rebound in Musk’s wealth, and that the rise in the value of the two companies’ shares points to strengthening positive expectations for their future, especially SpaceX, which remains an influential player in the space industry and satellite internet services.
The Bloomberg wealth index also shows that more than 98% of Musk’s assets come from his stake in SpaceX and Tesla, making his fortune highly dependent on market fluctuations in the two companies.
