Elon Musk’s net worth has again surpassed $800 billion after SpaceX shares rose 11.7%, according to Forbes. By the close of trading on Friday, his wealth reached $823.6 billion. His fortune increased by more than $100 billion in less than two weeks as SpaceX shares climbed to $129, their highest level in three weeks.
Musk’s wealth had fallen below $700 billion on July 27 after a sharp decline in SpaceX shares. The company released quarterly financial results early last week showing that quarterly spending had risen nearly sixfold over a year, which initially pushed its share price down. SpaceX reported quarterly revenue of $7.8 billion, above Wall Street’s forecast of about $6.9 billion.
The company’s net loss narrowed from $1 billion to $541 million in the latest quarter. Starlink satellite internet is one of SpaceX’s main revenue sources, and its revenue nearly doubled in the second quarter. Capital expenditure rose to $18.3 billion, including $15.8 billion spent on artificial intelligence. Musk owns about 38% of SpaceX, making his personal wealth directly sensitive to changes in the company’s share price.