American billionaire Elon Musk has regained the title of trillionaire again.
This is a few days after it was lost in light of a wave of selling of technology stocks that swept the sector globally.
The recent rally in Musk’s wealth was supported by a strong rally in shares of Tesla and SpaceX.
This led to an increase in his wealth by more than sixty billion dollars in a single trading session.
His net worth is back above the $1 trillion mark again, according to the Bloomberg Billionaires and Forbes Indexes.
Musk’s return to this historic level came after SpaceX’s stock jumped about 7.5% and Tesla rose more than 8%.
According to Forbes, his wealth is estimated to exceed $1 trillion, keeping him at the top of the list of the world’s richest people.
The Tesla and SpaceX founder lost the title last week after SpaceX’s shares fell sharply.
This follows the exceptional enthusiasm that accompanied the company’s historic listing on the stock exchange.
Along with adjustments that affected the valuation of some of his restricted stakes in Tesla, which led to his fortune dropping to less than $1 trillion.
Musk first recorded his historic milestone last June after SpaceX’s initial public offering.
This raised the company’s value to record levels and made its fortune exceed the $1 trillion mark for the first time in history.
He benefited from owning a huge stake in the space company along with his investments in Tesla and other companies.
Despite regaining the title, Musk’s wealth is still below its peak in mid-June, when it approached more than $1.5 trillion.
This reflects the high volatility associated with the performance of the tech giant’s stocks, especially the assets that make up the bulk of his wealth.
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