Elon Musk regains “trillionaire” title after his wealth rises by $65 billion in one day

Elon Musk’s net worth has once again surpassed $1 trillion. On October 5, his “fortune” reached $1.04 trillion, according to the Bloomberg Billionaires Index, following a $65 billion increase in a single day.

This was driven by an increase in the value of Musk’s holdings in SpaceX and Tesla. SpaceX shares have risen 13% since the beginning of October, while Tesla shares have gained 6.7%.

This is the first time in three months that Musk’s net worth has exceeded $1 trillion. The entrepreneur became the first person in the world to reach this milestone in June, after a sharp rise in SpaceX’s value following its record initial offering, but he quickly lost the top spot because of a subsequent decline in the company’s shares, driven by concerns over its very high valuation.

The renewed rise reflects investors’ revived optimism. Morgan Stanley analysts have described SpaceX as one of the least expensive ways to gain exposure to the growth potential of the space and artificial intelligence sectors, while Tesla recently reported better-than-expected quarterly sales.

Musk’s holdings in SpaceX and Tesla account for more than 98% of his net worth, according to Bloomberg.