Musk's net worth returns to trillion-dollar level, increasing by $88 billion in a single day.

BlockBeats news, October 21 - According to Forbes, driven by rising stock prices of SpaceX and Tesla, Musk rejoined the trillionaire ranks on October 21. His net worth increased by approximately $88 billion that day, reaching $1.013 trillion.

SpaceX's stock price rose over 10% after announcing better-than-expected third-quarter results, while Tesla's stock price increased over 3%, with the latter scheduled to release its earnings report after the U.S. market close that day. Musk previously confirmed during SpaceX's earnings call on Tuesday evening that the two companies are considering a merger.

Musk became the world's first trillionaire on June 12 when SpaceX went public, and has since fallen below and returned to this threshold multiple times, most recently losing the status last week due to a decline in SpaceX's stock price.