Musk regains trillionaire status as Tesla, SpaceX shares rally

Elon Musk’s net worth rose above $1 trillion again on Friday as a rally in Tesla and SpaceX shares added $22 billion to his fortune, a day after he briefly lost his trillionaire status.

According to Forbes, Musk’s wealth reached an estimated $1.012 trillion at around 10am on Friday, up 2.15% from the previous day, when a decline in the two companies’ shares wiped $36 billion off his fortune.

Tesla shares gained more than 2.5% after data from China’s Passenger Car Association showed that sales of electric vehicles built at its Shanghai factory, including the Model 3 and Model Y, rose 5% year-on-year to 95,366 units in September, compared with 90,812 a year earlier.

SpaceX shares also climbed around 1.5% after the company agreed to acquire a nationwide portfolio of low-band spectrum licences reportedly valued at $8 billion.

The acquisition is expected to support the rollout of its Starlink Mobile cellular service by expanding mobile coverage.

The gains come as Tesla seeks to avoid a third consecutive year of declining annual vehicle deliveries.

The company reported 486,532 vehicle deliveries worldwide in the third quarter, exceeding analysts’ expectations.

Musk’s wealth has fluctuated around the trillion-dollar threshold in recent months, reflecting his substantial stakes in both companies.

He owns around 11% of Tesla and 38% of SpaceX, leaving his fortune sensitive to movements in their share prices.

Forbes said Musk remained the world’s richest person despite the recent swings in his wealth.

Amazon founder Jeff Bezos ranked second, with an estimated net worth of $378.2 billion.