Tesla Chief Executive Elon Musk has returned to trillionaire status after three months, as renewed optimism around SpaceX and Tesla lifted both stocks following Starship's first successful orbital flight last week.
Musk's fortune rose $65 billion on the 5th to $1.04 trillion, according to the Bloomberg Billionaires Index, keeping him the world's richest person. The gain came as the value of his stakes in both SpaceX and Tesla climbed. SpaceX shares have risen 13% this month, while Tesla is up 6.7% over the same period.
Musk, 55, became the world's first trillionaire in June after SpaceX shares surged following the largest initial public offering on record. He lost the title quickly as the stock fell on concerns that the company's valuation had become excessive. As of late July, his fortune had dropped more than $600 billion from its peak — a decline larger than the net worth of any individual on Bloomberg's list of the world's 500 richest people.
Forbes estimated Musk's net worth at $1 trillion on the same day, up $30.6 billion from the 2nd, the previous trading session. The jump cemented his position as the world's wealthiest person. Amazon founder Jeff Bezos ranks second at $371.5 billion, far behind.
Tesla's third-quarter delivery figures, released last week, came in above analyst estimates and helped drive the gains. Musk's net worth rose $61 billion on the 2nd alone. Tesla shares gained more than 1% in morning trading. SpaceX rose further, trading above $167 as of 10:30 a.m., a gain of more than 5%.
Several factors have fueled SpaceX's rally. Morgan Stanley analysts called the stock undervalued and described it as one of the cheapest ways to invest in the "optionality" of the space and information sectors. Musk also signaled on the 4th that he intends to rename SpaceX's artificial intelligence unit, SpaceX AI, as SpaceX SI. Shares of the company, which spans space, AI and social media businesses, have rebounded 58% from their August low.
The remark fully echoed a push by U.S. President Donald Trump, who has argued that "AI" should now be called "superintelligence," or SI. Trump signed an executive order last week directing the government to use the term superintelligence in place of AI. Musk agreed, posting on X that "there is no more AI" and arguing that "SI is better." Musk then joined Trump and other AI industry leaders at the White House last week, where the president announced a new AI "accord." The document set out some guidelines intended to ensure that AI is developed responsibly.
A documentary critical of Musk, titled "Musk," also opens in theaters this month. It premieres in New York and Los Angeles on the 9th before expanding nationwide a week later. The film, running close to four hours, is said to take a scathing view of its subject. National Public Radio reported that director Alex Gibney portrays Musk as a "con man who lies, gaslights and manipulates to get what he wants." Musk has already called the documentary a "lie film" and described Gibney as a "terrible human being." He has also threatened to sue the director for defamation over the claims in the film.
