SpaceX and Tesla Shares Rise as Musk's Wealth Increases by About $70 Billion

SpaceX (NASDAQ:SPCX) and Tesla (NASDAQ:TSLA) shares advanced on Thursday, with SpaceX gaining 6.42% and Tesla rising 5.42% during the session.

The increases coincided with separate developments at the two companies, including preparations for SpaceX’s Starship Flight 14 test and Tesla’s Cybercab launch event in Austin, Texas.

The gains also increased the value of Elon Musk’s holdings in the two companies, adding approximately $70 billion to his personal wealth during Thursday’s trading session, according to the supplied report.

SpaceX Advances Ahead of Starship Flight 14

SpaceX’s share-price increase came as the company approached the Starship Flight 14 test flight.

The Federal Aviation Administration approved an attempt to capture the spacecraft’s upper stage at the launch tower as part of the upcoming flight.

The planned manoeuvre represents a new technical step in SpaceX’s Starship testing programme.

Tesla Gains Following Cybercab Event

Tesla shares also moved higher on Thursday as the company held a Cybercab launch event in Austin.

Tesla confirmed that production had begun on its robotaxi, which has been designed without a steering wheel or pedals.

The 5.42% share-price increase contributed alongside SpaceX’s advance to the reported increase in Musk’s wealth, with his stakes in the two companies accounting for a substantial portion of his holdings.

SpaceX stock price

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