Musk’s Fortune Tops $900 Billion Again—Here’s Why
Elon Musk’s net worth once again crossed $900 billion on Monday, as shares in his SpaceX extended a weekslong rally after dozens of institutional investments in the rocket maker were revealed.
Shares of SpaceX jumped more than 6% to near $150 as of Monday afternoon, adding to a nearly 87% surge since hitting an all-time low of $104 on Aug. 3.
A boost in SpaceX’s stock added $47.7 billion to Musk’s net worth, valued at $911.9 billion, ranking him the world’s richest person, well ahead of Google co-founder Larry Page ($281.4 billion) at No. 2 and Amazon’s Jeff Bezos ($268.8 billion) at No. 3.
Friday was the Securities and Exchange Commission’s deadline for institutional investors to disclose their stakes, including Harvard’s endowment, which revealed a roughly $2.2 billion stake—making SpaceX its largest stock holding.
Nvidia disclosed a nearly $21 billion stake totaling 122.8 million shares, while BlackRock disclosed an $8.7 billion stake, Gigafund Management revealed a $29.3 billion stake, and Fidelity disclosed a $51.6 billion stake.
Several billionaires unveiled equity in SpaceX: Josh Kushner’s Thrive Capital disclosed a $3.2 billion stake, entities controlled by Peter Thiel’s Founders Fund—the rocket maker’s first institutional investor—disclosed a roughly $73 billion stake and Hancock Prospecting, the mining firm owned by Australia’s richest person, Gina Rinehart, revealed a $1.3 billion stake.
Musk’s net worth dropped below $700 billion in July, marking the first time his fortune fell below that threshold since December, after SpaceX shares extended a 50% plunge from an all-time high on June 16. As of July 23, Musk’s net worth had declined by about $750 billion after peaking at $1.45 trillion.
SpaceX’s stock has rebounded since hitting an all-time low, with its first earnings report appearing better than Wall Street anticipated. Shares briefly stumbled by 13% after SpaceX’s first-ever earnings, but several brokerages, including Morgan Stanley, Oppenheimer and Cantor, praised the firm’s financial success and argued its AI business outweighed concerns about its increased spending. JPMorgan analysts wrote SpaceX was benefiting from “extreme vertical integration” and noted its “pace of change in AI is incredibly fast,” and that a step-up in AI infrastructure and higher monetization could push SpaceX’s AI revenue to $100 billion in 2027.