Elon Musk’s wealth rises by nearly $22 billion in a single day, taking him back above $1 trillion.
The wealth of Elon Musk, one of the richest people in the world, increased by approximately $22 billion in a single day, taking him back above the $1 trillion mark.
According to American magazine Forbes, Musk’s total wealth rose to $1.012 trillion, which is 2.15 per cent higher than the previous day.
According to the report, a day earlier, his wealth had declined by $36 billion due to falling shares of Tesla and SpaceX, temporarily pushing him out of the list of trillionaires. A surge in the shares of both companies on Friday recovered these losses.
Increase in Tesla Shares
Tesla shares recorded an increase of more than 2.5 per cent. One reason for this was data from the China Passenger Car Association, according to which sales of Tesla vehicles (Model 3 and Model Y) manufactured in Shanghai increased by 5 per cent in September compared with the same period last year. Sales reached 95,366 units in September, compared with 90,812 vehicles sold in the same month last year.
A few days earlier, Tesla had reported delivering 486,532 vehicles in the third quarter of the current year, exceeding analysts’ estimates. These figures are important for the company as it attempts to avoid a decline in annual sales for the third consecutive year.
SpaceX’s Spectrum Agreement
SpaceX shares also rose by approximately 1.5 per cent on Friday morning. The company has agreed to purchase a portfolio of nationwide licences for low-frequency wireless spectrum, reportedly worth approximately $8 billion.
This agreement could expand Starlink’s proposed mobile project. According to the company, the 800-megahertz spectrum will enable Starlink’s mobile service to provide connectivity across a wider area.
Previously Became a Trillionaire, but His Wealth Declined Again
Musk first became worth more than $1 trillion on June 12, following SpaceX’s entry into the stock market. However, a few days later, the company’s shares fell by 31 percent over several days, while new restrictions were also imposed on Tesla shares worth $116 billion, bringing his wealth back below that threshold. Following an increase in the shares of both companies, he once again became a trillionaire.