Musk’s Estimated Fortune Returns Above $1 Trillion

Elon Musk’s estimated net worth rose to about $1.04 trillion on Monday, putting him back above the trillion-dollar mark, as shares of Tesla and SpaceX climbed. The Bloomberg Billionaires Index attributed roughly $65 billion of the one-day increase to the gains in the two companies, which account for more than 98% of its estimate of his wealth. SpaceX shares rose about 7.6% on Monday, while Tesla shares gained 2.2%. Musk’s fortune is an estimate based largely on his company stakes, not a cash balance, and can shift sharply as their share prices move. SpaceX led the day’s advance. Its shares reached their highest level since June, according to one report, amid investor attention to the company’s Starship rocket program and its business prospects. A report said Starship reached orbit last week, describing the flight as a milestone for the program. SpaceX’s next test flight was described as expected in late October or early November, though the sources did not establish that date as confirmed. Reports also linked SpaceX shares to discussion of a possible chip-making facility involving Taiwan Semiconductor Manufacturing Company. The proposal has not been described as an agreement.