Elon Musk regained his status as the world’s first trillionaire after his estimated net worth increased by $88 billion on Oct. 21, driven by a sharp rise in shares of SpaceX and Tesla.
According to Forbes’ Real-Time Billionaires list, Musk’s fortune reached $1.013 trillion as of 10:30 a.m. Eastern Time on Wednesday. The increase followed a rally in SpaceX shares after the aerospace company reported stronger-than-expected third-quarter earnings, while Tesla shares also advanced of its quarterly results. Forbes reported the wealth increase.
SpaceX shares climbed more than 10% following the earnings announcement, while Tesla shares gained more than 3% during the morning session, according to TheCable. Musk’s latest rise in wealth underscores how closely his personal fortune is tied to the market valuations of his companies.
SpaceX earnings and Tesla shares drive wealth increase
SpaceX reported a 161% year-over-year increase in third-quarter revenue, according to TheCable. The company’s artificial intelligence business grew 830%, while its Starlink satellite internet service expanded its subscriber base from 1.6 million to 13.6 million during the quarter.
The earnings performance strengthened investor interest in SpaceX, which has expanded beyond rocket launches into satellite communications and artificial intelligence infrastructure.
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Tesla shares also rose after Musk confirmed that the boards of SpaceX and Tesla had formed special committees to discuss a possible merger between the two companies.
Speaking during SpaceX’s earnings call on Oct. 20, Musk described the potential combination as a “good idea” but cautioned that a deal was not certain, according to TheCable. The Associated Press reported that the proposed merger could create a combined company valued at approximately $3.5 trillion based on the companies’ market values at the time. The combination would bring together SpaceX’s rocket launch and satellite internet businesses with Tesla’s electric vehicles, robotics and artificial intelligence operations.
However, discussions remain preliminary, and the formation of special committees does not guarantee that the companies will merge.
Musk’s fortune remains closely tied to company valuations
Musk’s wealth fluctuates with changes in the value of his holdings in SpaceX and Tesla. TheCable reported that he owns approximately 38% of SpaceX and 11% of Tesla.
These stakes mean that significant movements in either company’s share price can produce large changes in his estimated net worth, even without a corresponding change in the cash he holds. Musk first crossed the trillion-dollar threshold in June 2026 following SpaceX’s public listing, according to Forbes. His fortune subsequently fell below that level as SpaceX’s valuation declined before the latest market rally restored his trillionaire status.
READ: Elon Musk plans to merge SpaceX and Tesla in a $3.6 trillion deal (October 21, 2026)
His wealth milestone comes amid continued investor interest in artificial intelligence, autonomous driving, robotics and commercial space technology, sectors in which his companies have substantial operations.
Proposed SpaceX share giveaway
Musk’s latest wealth increase also follows his October 19 statement that he would give every child in the United States a SpaceX share in 2027.
According to TheCable, Forbes estimated that distributing shares to approximately 72 million Americans under the age of 18 would cost around $10.5 billion, based on a share price of $146.03 at the previous Friday’s close. The proposed distribution would represent a substantial commitment, though its implementation would depend on the plan’s details. Musk’s return to trillionaire status highlights the scale of his business interests and the volatility of wealth estimates tied to publicly traded shares and company valuations.