Elon Musk, the founder of SpaceX, is back as a trillionaire. This happened after SpaceX and Tesla shares went up and added over $60 billion to his wealth. This comes after a big drop in his net worth earlier in June.
As of Monday, SpaceX shares rose by 7.6 percent, and Tesla shares gained 8.6 percent. This increase pushed Musk’s net worth up by $62.3 billion to more than $1 trillion, according to Forbes.
On June 24, Musk’s net worth fell below the trillion-dollar mark. This drop happened after it decreased by 31 percent to about $962 billion.
The fall was due to a drop in SpaceX’s stock price and new limits on Tesla shares valued at $116 billion that came earlier in June.
On June 12, Musk’s net worth was back up to an estimated $1.1 trillion. This was after SpaceX listed on the Nasdaq stock exchange.
SpaceX’s stock jumped by 40 percent, hitting a record high. This pushed Musk’s fortune to $1.45 trillion by June 16 before he faced another big drop in his wealth later that month.
The rise in SpaceX and Tesla shares means Musk now has 4.8 billion shares of SpaceX. He also holds 350 million stock options priced at $8.40 per share.
This latest news shows that Musk is still the richest person in the world by a large margin. He is way ahead of Google co-founders Larry Page, who has $288.7 billion, and Sergey Brin, who has $266.3 billion.
SpaceX started in 2002 and has grown from a small rocket company to a major player in aerospace, satellite communications, and AI.
The Starlink satellite internet service has helped the company grow beyond just space launches into a global internet service.
Musk made his fortune by co-founding Zip2 and PayPal. He invested that money into SpaceX, Tesla, and other businesses.
He also owns xAI and X, which he bought for $44 billion in 2022. He later added monetisation features to boost the platform’s business.
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