Elon Musk regained trillionaire status on Monday, according to the Bloomberg Billionaires index. In just one day, his estimated fortune increased by 65.4 billion dollars to reach 1.04 trillio
Elon Musk regained trillionaire status on Monday, according to the Bloomberg Billionaires index. In just one day, his estimated fortune increased by 65.4 billion dollars to reach 1.04 trillion. This surge is mainly explained by the rise of SpaceX and Tesla, two companies that also share another common point: they hold bitcoin.
To understand this progression, just look at two holdings: SpaceX and Tesla. They alone represent more than 98% of Elon Musk’s estimated fortune, who leads both groups.
Thus, the gain recorded on Monday does not correspond to new income. It mainly comes from the increase in value of his holdings. The phenomenon works both ways. This summer, the decline of SpaceX had erased 35 billion dollars in twenty-four hours.
Since its August low, SpaceX has gained back 58%, including 13% since the beginning of October. Meanwhile, Tesla has benefited from quarterly deliveries exceeding forecasts, with more than 486,000 vehicles delivered in the quarter ended September, despite a 2% year-over-year decline.
Over twelve months, Musk’s fortune now shows an increase of 132.4%. Yet, it had lost more than 600 billion dollars since its peak reached at the end of July.
To this exposure to stocks is added one to bitcoin. The SpaceX introduction dossier published in June notably revealed a position more than twice the estimates of on-chain trackers.
Its latest quarterly report shows 18,712 bitcoins as of June 30. SpaceX had acquired them for 661 million dollars, while their market value reached about 1.1 billion.
Tesla also retains a significant reserve, with 11,509 bitcoins. This position dates back to the 1.5 billion dollar purchase made in 2021, before selling about 75% of the bitcoins in 2022.
This impressive fortune remains highly volatile. Musk does not hold 1.04 trillion dollars in cash: most is based on the valuation of his holdings. Therefore, any major movement of SpaceX or Tesla can quickly alter his estimated wealth.
Investors closely monitor the two companies. ARK Invest, for example, took advantage of the July correction to buy SpaceX shares. To better understand his journey, Cointribune also dedicates a profile to Elon Musk.
The next important milestone will come on October 21, with the publication of Tesla’s quarterly results. Until then, movements of SpaceX will remain decisive. In early August, the stock had already jumped 16% despite the release of 911.5 million shares. For Musk, the 1 trillion mark is therefore crossed again. But, given the composition of his wealth, it could also be quickly exceeded in the other direction.
