The surge underscores how movements in the value of major companies can dramatically affect the wealth of billionaires whose fortunes are tied to substantial ownership stakes in their businesses.
Musk, who leads electric vehicle maker Tesla and aerospace company SpaceX, has built much of his wealth through his stakes in the two companies and other business ventures.
According to Forbes’ Real-Time Billionaires List, Musk’s estimated net worth reached approximately $979.7 billion by 2:15 p.m. Eastern Time on Friday, October 2, representing a 6.64 per cent increase from the previous day.
Tesla shares rose by about five per cent after the company reported 486,532 vehicle deliveries for the third quarter of 2026, exceeding analysts’ expectations. Meanwhile, SpaceX shares gained more than seven per cent following a series of successful launches.
Despite the extraordinary increase, Musk’s wealth remains tied largely to the market valuations of his companies. His estimated net worth can therefore rise or fall significantly as their share prices fluctuate.
The latest surge further highlights the scale of Musk’s business interests across electric vehicles, space exploration, satellite communications and artificial intelligence.
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