Elon Musk's fortune jumps $96 billion as SpaceX and Tesla rebound
SpaceX rose more than 10% after its first earnings as a public company and an employee lock-up period, while analysts kept bullish targets and revenue forecasts pointed to further growth.
Elon Musk's net worth rose by $96 billion in a day to more than $817 billion as SpaceX and Tesla rebounded, extending his gain since the start of the year to about $198 billion and keeping him ahead of Larry Page, Jeff Bezos and Michael Dell combined. SpaceX climbed more than 10% on Friday, its best session since the June IPO, after posting first results as a public company and moving past an employee lock-up period, a recovery that followed a steep retreat from the stock's post-debut peak. Revenue rose 92% to $7.8 billion, with connectivity contributing more than $4.2 billion, AI about $2.5 billion and space $962 million, while the company ended the quarter with more than $100 billion in cash and short-term investments despite heavy capital expenditures. Analysts remain broadly bullish, with a $229 consensus target, 37 buy ratings out of 39 and estimates for revenue to reach $44 billion this year and $90 billion next year, even as Tesla faces intensifying EV competition and markets watch denied reports of a possible SpaceX-Tesla merger.
- lock-up period: A set span after an IPO when employees and early investors are restricted from selling shares.
- consensus target: The average price objective assigned to a stock by the analysts who cover it.
- capital expenditures: Company spending on long-term assets and infrastructure intended to support future growth.