Key Takeaways
- Bloomberg valued Elon Musk’s wealth at $1.04 trillion after Monday’s gain.
- SpaceX recovered 58% from its August low through Oct. 5.
- More than 98% of Musk’s estimated fortune rests in two companies.
Two Stocks Put Elon Musk Back Above $1 Trillion
Elon Musk’s estimated fortune increased by $65.4 billion on Oct. 5 as SpaceX and Tesla shares rose, bringing his net worth to $1.04 trillion on the Bloomberg Billionaires Index, a daily wealth ranking.
The 6.7% increase marked his largest one-day dollar gain since Aug. 7 and left his estimated wealth up 132.4% year over year. The daily gain returned Musk to a threshold he last held three months earlier, with the increase reflecting higher asset valuations rather than a cash payment.
Musk’s exposure centers on SpaceX (Nasdaq: SPCX), a rocket, satellite, and artificial intelligence company, and electric vehicle manufacturer Tesla (Nasdaq: TSLA). He serves as chief executive of both businesses, which account for more than 98% of his estimated net worth. Forbes confirmed his return to trillionaire status Monday morning after markets opened.
The rally extended gains already building at both businesses, with the aerospace operator recovering 58% from its August low through Monday. Its stock advanced 13% from the start of October, while the automaker rose 6.7%. Renewed optimism followed investment bank Morgan Stanley’s favorable assessment and Tesla’s better-than-expected third-quarter vehicle sales.
A $600 Billion Reversal Preceded the Latest Recovery
Musk’s estimated fortune had fallen more than $600 billion from its peak by late July. His first crossing of the trillion-dollar threshold came with SpaceX’s June 12 debut on Nasdaq. The business raised $75 billion in its record-breaking initial public offering.
SpaceX shares opened at $150, above the $135 offering price, and the company reached roughly $2.1 trillion in market value that day. The subsequent decline pushed the stock below its original sale price, placing the July purchases in a different market environment from the initial listing.
Some investment managers bought during the decline, including Cathie Wood’s firm when the stock traded below its $135 offering price. On July 20, ARK Invest purchased $20.5 million of SpaceX shares across four exchange-traded funds, investment vehicles that hold portfolios and trade on an exchange. The purchases totaled 170,634 shares as the price hovered near $119.85.
Musk’s Personal Crypto and His Companies’ Bitcoin Reserves
The listing also brought a corporate cryptocurrency reserve into public view, adding another asset exposure within the aerospace business. A June 3 securities filing disclosed 18,712 BTC held by SpaceX as of March 31. The position had a $661 million cost basis, its acquisition cost, and a fair value, its market valuation, of $1.293 billion at that reporting date.
Musk has also disclosed personal holdings of bitcoin, ether and dogecoin. He identified all three at the B Word conference in July 2021, when he described his bitcoin position as worth substantially more than his ether or DOGE holdings. He then reaffirmed his personal DOGE holdings in January 2024, saying he still owned “a bunch of dogecoin.”
Tesla’s corporate holdings totaled 11,509 BTC. The automaker initially purchased $1.5 billion worth of bitcoin in 2021 before selling about 75% of its position in 2022. Musk attributed that sale to concerns about cash availability during COVID-19 shutdowns in China, while leaving open the possibility of future purchases. Tesla also accepts dogecoin for eligible products in its online shop.
