New York, Dec 17: Elon Musk has become the first person ever to amass a net worth exceeding $600 billion, driven largely by a sharp rise in the valuation of SpaceX, according to Forbes.
The business magazine said Musk’s wealth now stands at about $677 billion after a recent SpaceX tender offer valued the private rocket company at roughly $800 billion, double its valuation in August.
The transaction alone added an estimated $168 billion to Musk’s fortune. He owns about 42% of SpaceX, which is targeting an initial public offering in 2026 that could value the company at nearly $1.5 trillion.
Forbes noted that Musk’s wealth has grown at an unprecedented pace. In March 2020, his net worth was estimated at $24.6 billion.
Musk’s holdings also include about a 12% stake in Tesla, whose shares have risen 13% so far this year despite weaker vehicle sales. Tesla stock jumped nearly 4% after Musk announced that the company had begun testing robotaxis without front-seat safety monitors.
“There will be some risk, but we are confident in the system,” Musk said during the announcement of the tests.
In November, Tesla shareholders approved a compensation package worth about $1 trillion, the largest in corporate history, backing Musk’s push to transform the automaker into a company focused on artificial intelligence and robotics.
Musk’s AI startup, xAI, is also adding to his wealth. The company is reported to be in advanced talks to raise $15 billion in equity at a valuation of $230 billion.
Musk now leads Google co-founder Larry Page by about $425 billion and is just $23 billion short of the $700 billion mark, placing him closer to becoming the world’s first trillionaire.
