Elon Musk has seen his fortune soar by an estimated $30.7 billion (about KES 3.9 trillion or NGN 48.9 trillion) in a single 24-hour trading period.

Musk is the CEO of Tesla and the founder or co-founder of several companies, including SpaceX, xAI, Neuralink and The Boring Company.

His vast fortune is largely derived from his ownership stakes in these businesses, with SpaceX and Tesla representing the biggest contributors to his wealth.

As of August 18, 2026, the Bloomberg Billionaires Index valued Musk’s net worth at approximately $894.9 billion, further cementing his position as the world’s richest person.

The sharp increase was not driven by broader stock market movements. Instead, it was largely linked to a surge in the valuation of SpaceX, Musk’s privately held aerospace company, alongside significant institutional investment in the firm.

The main driver of Musk’s $30.7 billion increase in wealth was the sharp rise in SpaceX’s valuation.

Recent financial disclosures showed substantial institutional investments in the aerospace company, including a reported $2.2 billion stake by Harvard University, as well as significant holdings from BlackRock, Fidelity and Nvidia.