Pretoria-born Elon Musk regains world’s only trillionaire crown after $65 billion gain

Pretoria-born Elon Musk has regained his status as the world’s only trillionaire after his fortune jumped $65 billion Monday to $1.04 trillion, according to the Bloomberg Billionaires Index. The gain was driven by rising valuations for his stakes in SpaceX and Tesla, whose shares have climbed 13 percent and 6.7 percent, respectively, since the start of October.

The 55-year-old tech mogul’s fortune has reached 13 digits for the first time in three months, reviving a milestone he first achieved in June. Musk became the world’s first trillionaire after SpaceX surged following its record-breaking initial public offering, but quickly surrendered the title as the stock fell amid concerns over its lofty valuation.

SpaceX fuels wealth rebound

SpaceX has since rebounded 58 percent from its August low, with analysts describing the company as one of the cheapest ways to gain exposure to the “strong optionality” of the space and intelligence sectors. Tesla also added to the rally after reporting better-than-expected third-quarter sales. Together, the companies account for over 98 percent of Musk’s net worth.

Musk’s wealth has risen sharply from $683 billion on July 31, when it stood more than $600 billion below its peak. The latest rebound has added more than $357 billion to his fortune since then, lifting his year-to-date gain above $594 billion and underscoring how closely his wealth remains tied to the performance of SpaceX and Tesla.

SpaceX resets Musk’s fortune

SpaceX began trading June 12 at $150 a share, above its $135 initial public offering price. The stock climbed to $160.95 in its first session, a 19 percent gain that pushed the company’s valuation above $2 trillion. The listing ranked among the largest in market history and placed SpaceX among America’s most valuable publicly traded companies.

The debut also pushed Musk’s fortune above $1 trillion for the first time, making him the first individual to reach that level. The milestone proved short-lived as the stock later retreated, highlighting the volatility surrounding a company whose valuation rests heavily on expectations for future growth across space, satellite communications and intelligence-related businesses.

Musk bets on massive growth

Musk has continued to point investors toward SpaceX’s long-term earning potential as the company expands after its public-market debut. He has said SpaceX could generate $1 trillion in annual revenue by 2030, a projection that has drawn fresh attention to the scale of the business and the assumptions underpinning its rapidly rising valuation.