Elon Musk has reclaimed his status as the world's first trillionaire, three months after losing the title, as SpaceX shares surged.
SpaceX shares closed at $171.09 on Monday, up 7.63 percent from the previous session's close.
The price remains well below the intraday record high of $225.64 set in mid-June, but marks the stock's highest level in three months.
Musk's net worth, including his stakes in SpaceX, Tesla and other holdings, has reached $1.046 trillion, according to Forbes. That is nearly three times the $371.1 billion held by Amazon founder Jeff Bezos, the second-wealthiest person in the world.
Musk first claimed the title when his net worth crossed the $1 trillion mark shortly after SpaceX's listing on June 12, but he lost it within roughly 10 days as the company's share price declined.
At one point his net worth fell below $700 billion, prompting him to post a self-deprecating message on his social media platform X, formerly Twitter, describing himself as a "former trillionaire."
CNBC attributed Monday's rally to a research note from investment bank Morgan Stanley.
In a report dated Sunday, Morgan Stanley analysts said SpaceX shares are currently undervalued and set a price target of $300.
The analysts recommended buying the stock ahead of the company's third-quarter earnings release scheduled for late October and the next test flight of its next-generation rocket Starship, calling the combination "potentially the biggest catalyst since the IPO."
SpaceX has recently notched a string of achievements, including successfully completing a crewed spaceflight mission for NASA and launching Google's AI chips into orbit.
The company has also secured more than $12.7 billion in defense contracts, bolstered by its close ties to the Donald Trump administration. Musk has also been appointed co-director of the US Department of Defense's Meridian Program, which identifies weapons and technologies the United States needs — developments analysts say have added to the company's valuation.
husn7@heraldcorp.com
