Elon Musk becomes trillionaire; SpaceX, Tesla shares rise

Elon Musk has become a trillionaire again as a sharp rise in SpaceX and Tesla shares pushed his net worth above the $1 trillion mark.

According to the Bloomberg Billionaires Index, Musk's fortune jumped by $65 billion on Monday to reach $1.04 trillion as the value of his stakes in the two companies increased. SpaceX shares have risen 13% since the start of October, while Tesla has gained 6.7%.

Musk had previously crossed the trillion-dollar mark in June, becoming the world's first trillionaire after SpaceX surged following its record-breaking initial public offering. However, he later lost the milestone after SpaceX and Tesla shares declined amid concerns over SpaceX's high valuation.

SpaceX rally boosts Musk's wealth

The latest rise in Musk's fortune has been driven largely by renewed optimism around SpaceX. The company's shares have rebounded 58% from their August low.

Morgan Stanley analysts said SpaceX offers an attractive way for investors to gain exposure to the space and intelligence sectors, adding to the positive sentiment around the company.

Tesla has also contributed to Musk's rising wealth. The electric vehicle maker reported better-than-expected third-quarter sales last week, further boosting investor sentiment.

Musk's wealth tied to SpaceX and Tesla

Musk's fortune remains heavily dependent on the performance of SpaceX and Tesla. According to the Bloomberg wealth index, his stakes in the two companies account for more than 98% of his net worth.

The latest surge marks Musk's return to the trillionaire club after three months and once again places him at the top of the world's wealth rankings.