SpaceX (SPCX.US) and Tesla (TSLA.US) stock prices soared, Musk's wealth surged by 65 billion dollars in a single day, and his net worth returned to trillion US dollars

The Zhitong Finance App learned that with the recent rise in SpaceX (SPCX.US) and Tesla (TSLA.US) stock prices, Musk, the richest man in the world, once again surpassed 1 trillion US dollars in personal wealth. According to the Bloomberg Billionaires Index, Musk's net worth increased by 65 billion US dollars to 1.04 trillion US dollars in a single day on Monday, returning to the trillion-dollar mark after a lapse of three months. Since October, SpaceX's stock price has increased by a cumulative total of 13%, while Tesla has risen 6.7% over the same period.

Musk, 55, became the world's first millionaire with a net worth exceeding 1 trillion US dollars for the first time in June of this year. At the time, SpaceX's stock price soared after completing a record initial public offering (IPO), driving its wealth to rise rapidly. However, as market concerns about SpaceX's overvaluation heated up, the company's stock price then fell sharply, and Musk soon lost the title of “trillion-dollar millionaire.” By the end of July, his personal wealth had shrunk by more than 600 billion US dollars from its peak, and the scale of the decline even surpassed the total net worth of anyone in the history of Bloomberg's 500 Richest People except Musk himself.

The recent strong rebound in SpaceX's stock price has once again become an important driving force for Musk's wealth growth. The stock has now rebounded 58% from its August low. On Monday, analysts at Morgan Stanley said that SpaceX is one of the least expensive ways to participate in “strong optional growth opportunities” in the space and intelligence sector, further boosting market optimism about the company spanning space, artificial intelligence, and social media.

Meanwhile, Tesla's third-quarter electric vehicle sales announced last week were better than market expectations, indicating a recovery in the automobile business and supporting stock prices.

According to the Bloomberg Wealth Index, Musk's shares in SpaceX and Tesla together account for more than 98% of his net assets. This also means that changes in their wealth are highly dependent on the market performance of the two companies. With SpaceX's sharp rebound from its August low and Tesla's recent strengthening, Musk's personal wealth has now returned to over a trillion dollars.