Musk back above $1 trillion as SpaceX and Tesla shares rally

Elon Musk has regained his status as the world's richest trillionaire, after his estimated fortune jumped by $88 billion on Wednesday, 21 October 2026, according to Forbes' Real-Time Billionaires List.

Forbes put his net worth at about $1.013 trillion as of 10:30 a.m. Eastern Time, roughly an hour into trading. The gain was driven by sharp rises in the share prices of his two main companies, SpaceX and Tesla.

SpaceX shares climbed more than 10% after the aerospace company reported third-quarter results that beat analysts' expectations. Tesla shares added more than 3% ahead of its own quarterly earnings report, which was scheduled for release after the market closed on Wednesday.

Investor interest was also lifted by Musk's confirmation during SpaceX's earnings call on Tuesday evening that the company and Tesla were considering a possible merger. No merger agreement has been announced, and the talks are described as preliminary.

A fortune that keeps swinging

This is not the first time Musk's wealth has crossed the trillion-dollar mark. He became the world's first trillionaire in June 2026, when SpaceX listed publicly at $135 per share, valuing the company at about $1.8 trillion and adding an estimated $188 billion to his fortune in a single day.

That rally did not last. By 24 June, his net worth had fallen back to about $957 billion after a $118 billion adjustment, largely linked to how Bloomberg valued unvested Tesla shares tied to his pay package.

He regained trillionaire status on 6 October after a $65 billion one-day gain, and has now done so again. The pattern shows how closely his wealth tracks the market value of his companies rather than cash in hand.

On 19 October, Musk also pledged to give one SpaceX share to every child in the United States in 2027, a promise estimated at $10.5 billion based on the share price at the time.

What happens next

Tesla's quarterly earnings report, due after Wednesday's close, will be watched for what it says about the company's performance. Investors will also watch for any firm word on the proposed SpaceX-Tesla merger, which remains only a possibility for now.

For Nigerians, the story is a distant one, but it matters in one practical way: Musk's companies are major players in global markets, and big swings in their value can move investor sentiment far beyond the United States.