Elon Musk’s net worth has climbed back above the $1 trillion mark after a renewed rise in SpaceX’s stock price pushed the Tesla CEO’s fortune higher.
Musk became the world’s first trillionaire earlier this year after SpaceX’s blockbuster initial public offering in June sent the value of his holdings soaring. His wealth later declined as SpaceX shares fell from their initial post-IPO surge.
However, SpaceX’s stock has been recovering since early August, reaching $171.09 at Monday’s market close. The nearly 8% increase in the stock price on Monday pushed Musk’s estimated fortune back above $1 trillion.
According to Forbes, Musk was worth about $1.046 trillion as of Monday.
His wealth previously reached a peak of approximately $1.32 trillion on June 16, according to the Bloomberg Billionaires Index.
The SpaceX IPO significantly widened the gap between Musk and the world’s other wealthiest individuals. As of Monday, Amazon founder Jeff Bezos ranked second with an estimated fortune of $371 billion, while Google co-founder Larry Page was third with about $284 billion, according to Forbes.
A large portion of Musk’s wealth is tied to his stakes in SpaceX and Tesla, meaning fluctuations in the companies’ valuations can have a major impact on his personal fortune.
SpaceX shares reached their highest level since June on Monday, helping Musk regain his position in the trillion dollar wealth club.
