A jump in SpaceX shares has pushed entrepreneur Elon Musk's net worth back over $1 trillion, returning him to the top tier of wealth as the world's only trillionaire again, Fortune reported.
Here's what to know
After SpaceX stock rose almost 8% on Oct. 6, Musk's fortune increased from $976.9 billion to $1.04 trillion. The gain once again left him as the only person in the world with a 13-figure net worth.
Because his SpaceX position is so large — about 4.76 billion shares, including 1.3 billion in unvested restricted stock, according to Fortune — even a one-day swing in the stock can dramatically change the value of his wealth.
Even after giving $89.40 to each of the planet's roughly 8.3 billion people, Musk would still have about $298 billion, putting him roughly $1 billion ahead of Google cofounder Larry Page, the world's second-richest person.
More background
When SpaceX went public in June and experienced a rapid stock increase, that made Musk the first person in history to exceed $1 trillion in net worth.
That first stint did not last. Bloomberg's Billionaires Index showed his wealth falling from $1.32 trillion on June 16 to $957 billion by June 24 as SpaceX stock declined, sending him back below $1 trillion within two weeks.
TCD Picks » Quince Spotlight
💡These best-sellers from Quince deliver affordable, sustainable luxury for all
His wealth kept dropping through the summer. According to Fortune, it reached a low of $683.6 billion in early August before recovering as those holdings rebounded.
What's being done?
The latest climb was driven by another surge in SpaceX shares. Morgan Stanley analysts called the stock "cheap" at those levels and cited several developments they think could keep raising the company's value. Those events could include possible AI launches and continued Starship progress.
Fortune reported that Musk also has about $156.6 billion tied to Tesla, $13.1 billion in The Boring Company, and $3.42 billion in Neuralink.
Get TCD's free newsletters for easy tips, smart advice, and a chance to earn $5,000 toward home upgrades. To see more stories like this one, change your Google preferences here.
