Elon Musk could be on track to reclaim trillionaire status as SpaceX (NASDAQ:SPCX) rebounds after the post-IPO plunge.
Musk, the richest person in the world, has added over $150 billion in wealth in the past two weeks. While his net worth dropped by $5.65 billion on Friday, he ended the week with over $858 billion in wealth. This figure makes him richer than Google’s Larry Page and Sergey Brin, and Amazon’s Jeff Bezos, combined.
Elon Musk’s Wealth Has Been Boosted by SpaceX Stock
SpaceX, the biggest part of Elon Musk’s wealth, has staged a cautious 32% recovery after releasing its mixed earnings report and after the employees’ lockup expiration. Its results showed that its three key businesses are seeing strong growth. The space business had revenues of $962 million, while connectivity and AI made $4.2 billion and $2.5 billion, respectively.
The main challenge, however, is that its capital expenditure is growing substantially. Its Capex soared to $18 billion in the second quarter, up by $8 billion in the same period last year. It spent $28 billion in the first six months of the year, and this growth will likely continue growing as it continues spending.
