Elon Musk has created history. On Monday, his net worth surpassed $600 billion and according to Forbes, it now stands at approximately $677 billion. No person has been this rich before. This increase is mainly due to his space company, SpaceX, whose valuation recently reached $800 billion. The company is preparing to go public next year. Musk owns about 42% of SpaceX, so this valuation increase alone added $168 billion to his net worth. He became the first person to cross the $500 billion mark in October itself. This new record is another big achievement for him.
SpaceX will be listed
SpaceX’s new valuation comes from a tender offer that doubled from $400 billion in August. The company is planning to launch an IPO in 2026, which could be the largest listing in history. Musk’s stake in SpaceX has taken his wealth to unprecedented levels. According to Forbes report, his net worth as of Monday afternoon was $677 billion. Apart from this, Musk’s electric car company, Tesla has also contributed to increasing his wealth. Tesla shares are up 13% so far this year, even though the company has seen some sales decline. Musk owns about 12% of Tesla. Shares rose nearly 4% on Monday after Musk revealed the company was testing a robotaxi that would not need a front-seat safety monitor.
Tesla’s new pay package
In November, Tesla shareholders approved a trillion-dollar pay plan for Musk. This is the largest pay package in corporate history. Investors backed Musk’s vision, which aims to transform Tesla from just an EV company into an AI and robotics giant. This decision will significantly strengthen Musk’s wealth in the long run. Musk’s artificial intelligence company, xAI, is also in the headlines. According to reports, it is in talks to raise $15 billion in fresh funding. This will take the company’s valuation to $230 billion. This will further expand Musk’s business empire.
Has Musk responded?
Musk, Tesla, SpaceX and xAI did not immediately comment on the news. However, investors and markets are bullish. Musk’s net worth is now hundreds of billions of dollars more than the second richest person. He is fast moving towards becoming the world’s first trillionaire.
