Following a strong rally in the markets, Elon Musk’s net worth has once again surpassed the $1 trillion mark.
According to the Bloomberg Billionaires Index, the American entrepreneur’s wealth reached approximately $1.04 trillion on October 5, rising by $65 billion in a single day.
The increase was driven largely by the performance of SpaceX and Tesla, the companies that account for the majority of Musk’s wealth. SpaceX shares have risen by around 13% since the beginning of October, while Tesla has gained 6.7%.
This marks Musk’s first return above the $1 trillion threshold in roughly three months. He became the first person in the world to reach that level in June following a sharp increase in SpaceX’s valuation, but his wealth subsequently declined amid investor concerns over the company’s high valuation.
Market optimism now appears to have returned. Morgan Stanley analysts have described SpaceX as one of the more attractive opportunities for investors seeking exposure to the growth of the space and artificial intelligence sectors.
Meanwhile, Tesla recently reported quarterly sales above expectations, providing another boost to Musk’s wealth.
According to Bloomberg, Musk’s holdings in SpaceX and Tesla account for more than 98% of his total net worth.
