Musk's Net Worth Tops $1 Trillion Again After Three Months

PANews, October 6 - Global richest person Elon Musk's net worth has once again surpassed $1 trillion after three months. According to the Bloomberg Billionaires Index, Musk's wealth increased by $65 billion on Monday to reach $1.04 trillion, driven by the rebound in the value of his SpaceX and Tesla holdings. Since October, SpaceX shares have risen 13% and Tesla shares 6.7%. SpaceX's shares surged after its June IPO, making Musk the world's first trillionaire, but he quickly lost that title as investors worried about the company's overvaluation and the stock subsequently fell. As of late July, Musk's wealth had shrunk by more than $600 billion from its peak, a decline larger than the entire net worth of anyone else on Bloomberg's list of the world's 500 richest people.

The latest round of wealth growth stems from renewed market optimism toward SpaceX and Tesla. Morgan Stanley analysts said on Monday that SpaceX is one of the investment targets that can capture the enormous growth potential in the space and artificial intelligence sectors at a relatively low cost. The company, whose businesses span space, artificial intelligence, and social media, has seen its shares rebound 58% from their August low. In addition, Tesla's third-quarter sales figures released last week also beat expectations. According to the Bloomberg Billionaires Index, Musk's SpaceX and Tesla holdings together account for more than 98% of his net worth.