Elon Musk is a trillionaire again as SpaceX claws back post-IPO slump

The fortune of the world’s richest person jumped by $65 billion on Monday to $1.04 trillion.

Elon Musk is a trillionaire again.

Elon Musk became the world’s first trillionaire in June when SpaceX surged in the wake of its record-breaking initial public offering, but quickly lost that crown as shares then slumped on concerns about the company’s sky-high valuation. (Bloomberg)

The fortune of the world’s richest person jumped by $65 billion on Monday to $1.04 trillion, according to the Bloomberg Billionaires Index, as the value of his stakes in SpaceX and Tesla Inc. rose. SpaceX shares are up 13% since the start of October while Tesla has gained 6.7%.

It marks the first time in three months that the 55-year-old tech mogul’s fortune has required 13 numerals. He became the world’s first trillionaire in June when SpaceX surged in the wake of its record-breaking initial public offering, but quickly lost that crown as shares then slumped on concerns about the company’s sky-high valuation.

As of late July, Musk’s $600 billion-plus wealth decline from its peak exceeded the net worth of anyone who had ever been on Bloomberg’s list of the world’s 500 richest people, other than Musk himself.

The latest gains have been fueled by renewed optimism at both companies. On Monday, analysts at Morgan Stanley called SpaceX one of the cheapest ways to play “the strong optionality” of the space and intelligence sector, adding to a rally in which shares of the space, artificial intelligence and social media company have rebounded 58% from an August low.

And last week, Tesla reported better-than-expected sales for the third quarter.

Musk’s stake in SpaceX and Tesla makes up more than 98% of his net worth, according to Bloomberg’s wealth index.