Elon Musk regains trillionaire status as SpaceX and Tesla surge
Elon Musk has regained his status as a trillionaire following a surge in shares of SpaceX and Tesla. On Monday, SpaceX's stock (SPCX) jumped 7.6%, closing at $171.09 and valuing the company at about $2.3 trillion. Tesla's stock (TSLA) also rose 2.2%, closing at $378.73 with a market value of $1.5 trillion. This marks Musk's return to trillionaire status after briefly losing it earlier this year.
In addition to his business successes, Musk has been appointed as a co-director of the Pentagon's Project Meridian Study. Defense Secretary Pete Hegseth announced the role on September 30, with Musk set to co-direct the study alongside Anduril co-founder Palmer Luckey and former House Speaker Newt Gingrich. The 120-day study will explore how war may change with advancements in AI, robotics, autonomy, and directed energy.
Musk's influence extends beyond his companies and government roles. His support for Dogecoin (DOGE) keeps the meme coin in the spotlight. Although Project Meridian has no direct tie to crypto, Musk's involvement in the news can still impact Dogecoin's price. As of October 6, Dogecoin was trading at $0.09523 with a market cap of $14.87 billion. The coin's price movements often align with broader market trends and Musk's social media activity.
The next moves for Dogecoin will likely be influenced by the wider market, particularly Bitcoin's performance. U.S. inflation data and Federal Reserve news in the coming weeks could also play a role. Musk's social media posts and the performance of his companies, SpaceX and Tesla, will continue to draw attention to Dogecoin.