Topline
Tech mogul Elon Musk’s net worth exceeded $800 billion Friday, rising as SpaceX shares surged to a three-week high alongside a broader tech stock rally.
Musk reached trillionaire status in June.
Photo by Marc Piasecki/Getty Images
Key Facts
SpaceX’s stock rose 11.7% shortly after 1 p.m. EDT, marking its highest point in three weeks as shares hit the $129 mark.
Musk’s net worth reached $802 billion in the afternoon, hitting the benchmark less than two weeks after it fell below $700 billion amid a drop in SpaceX shares.
The company reported $7.8 billion in quarterly revenue and topped Wall Street estimates of $6.9 billion, with net losses dropping from $1 billion to $541 million.
Tangent
In addition to SpaceX, tech stocks such as Palantir, Cloudflare and Microchip technology surged Friday. Palantir shares traded up more than 9% around 12:30 p.m. EDT, while Microchip’s stock continued climbing to a 14% increase. The rally materialized after an underwhelming jobs report that recorded 23,000 jobs lost in July.
Key Background
Musk became the world’s first ever trillionaire in June after SpaceX went public, with his estimated net worth reaching as high as $1.45 trillion at its peak. Musk owns roughly 38% of the company, tightly linking his net worth with SpaceX’s stock performance. SpaceX’s capital expenditure reached $18.3 billion in its latest quarter, with artificial intelligence spending accounting for $15.8 billion of the spending. Musk said SpaceX expects revenue to potentially exceed $1 trillion as early as 2029, shaving down his initial projection by two years. SpaceX’s revenue driver is its Starlink satellite internet service, the turnover of which nearly doubled in its second quarter.
Further Reading
SpaceX And Palantir Lead Tech Stock Rally After Underwhelming Jobs Report (Forbes)
Elon Musk’s Wealth Sinks Below $700 Billion As SpaceX Rout Extends (Forbes)