Tesla CEO Elon Musk has established a new global financial benchmark, becoming the first individual in history to accumulate a net worth of $600 billion, according to data from Forbes.
SpaceX IPO Drives Surge
The massive spike in Musk’s fortune is largely attributed to reports that his aerospace company, SpaceX, is preparing for an initial public offering (IPO) at a valuation of approximately $800 billion.
-
Musk owns roughly 42% of SpaceX.
-
Insiders reveal that this development added an estimated $168 billion to his personal wealth in just one day.
-
With the IPO expected next year, Forbes projects his net worth could potentially rise to $677 billion.
-
This milestone comes shortly after he crossed the $500 billion mark in October.
Tesla and AI Ventures
Musk’s wealth is further supported by his nearly 12% stake in Tesla Inc. Despite a slowdown in sales growth, the company’s stock has increased by about 13% this year.
-
On Monday, Tesla shares jumped nearly 4% following an announcement that the company is testing robotaxis without safety supervisors in the front seat.
-
In November, shareholders ratified a historic $1 trillion compensation package for Musk, recognized as the largest executive pay deal on record.
Additionally, his artificial intelligence company, xAI, is reportedly in advanced talks to raise $15 billion at a valuation of $230 billion, further signaling the rapid expansion of his business interests.