SpaceX founder Elon Musk has once again achieved trillionaire status, with his net worth soaring by more than $60 billion following significant rallies in SpaceX and Tesla shares. This surge comes after a notable decline earlier in June.

As of Monday, SpaceX shares climbed 7.6 per cent and Tesla shares gained 8.6 per cent. These movements collectively increased Mr. Musk’s net worth by $62.3 billion, bringing his total wealth to over $1 trillion, according to Forbes.

Just days prior, on June 24, the aerospace entrepreneur's fortune had dipped below the trillion-dollar mark, declining by 31 per cent to an estimated $962 billion. This drop was attributed to a slump in SpaceX’s stock price and new restrictions placed on $116 billion worth of Tesla shares earlier that month.

Earlier in June, specifically on June 12, Mr. Musk’s net worth had initially risen to an estimated $1.1 trillion following SpaceX’s market listing on the Nasdaq stock exchange. By June 16, SpaceX’s stock had jumped 40 per cent to an all-time high, propelling Mr. Musk’s fortune to a record $1.45 trillion before the subsequent decline.

The recent surge in share prices means Mr. Musk now holds 4.8 billion shares of SpaceX. Additionally, he possesses 350 million Tesla stock options, each with an exercise price of $8.40.

This latest development solidifies the Tesla founder's position as the world's wealthiest individual by a substantial margin. He remains ahead of Google co-founders Larry Page, with an estimated $288.7 billion, and Sergey Brin, whose net worth stands at $266.3 billion.

Founded in 2002, SpaceX has evolved from an experimental rocket startup into a dominant force across aerospace, satellite communications, and AI infrastructure. Its Starlink satellite internet business has expanded the company's reach beyond space launches, establishing it as a global connectivity platform.

Mr. Musk built his initial fortune by co-founding Zip2 and PayPal. He subsequently reinvested the proceeds from these ventures into establishing and growing SpaceX, Tesla, and other significant enterprises. His portfolio also includes xAI and X, the latter of which he acquired in a $44 billion deal in 2022, later introducing monetisation features to bolster the platform’s business model.