SpaceX and Tesla shares rebound Musk's fortune returns to trillion-dollar

On October 6, the world's richest man, Elon Musk, once again exceeded one trillion dollars in three months. According to the Bloomberg Billionaires Index, Musk's wealth rose $65 billion on Monday to $1.04 trillion, thanks to a rebound in the value of his SpaceX and Tesla shares. Since October, SpaceX shares have risen 13% and Tesla shares have risen 6.7%. SpaceX's share price surged after its IPO in June, making Musk the world's first trillion-dollar millionaire, but he quickly lost that title as investors worried that the company was overvalued and its share price subsequently fell. As of late July, Musk's wealth has shrunk by more than US$600 billion from its peak, exceeding the entire wealth of anyone on Bloomberg's Global 500 Rich List except himself. The latest round of wealth growth stems from the market's renewed optimism about SpaceX and Tesla. Morgan Stanley analysts said on Monday that SpaceX is one of the investment targets to capture the huge growth potential in space and artificial intelligence at a lower cost. Shares of the company, which spans space, artificial intelligence and social media businesses, have rebounded 58% from their August lows.