Elon Musk has become the first person to surpass a net worth of $600 billion, with his wealth estimated at $677 billion as of midday Monday, according to Forbes.
The sharp rise in Musk’s fortune was driven mainly by a surge in the valuation of his private space company, SpaceX, which has emerged as his most valuable asset.
Earlier this month, SpaceX completed a tender offer that valued the company at $800 billion, up from $400 billion in August, according to investors cited by Forbes. Musk owns about 42 per cent of the company, with the higher valuation adding an estimated $168 billion to his personal wealth.
The tender offer comes as SpaceX prepares for a possible initial public offering in 2026. One investor told Forbes that an IPO could value the company at around $1.5 trillion, a move that could make Musk the world’s first trillionaire even without gains from his other businesses.
Forbes estimates Musk’s stake in SpaceX at $336 billion, exceeding the value of his 12 per cent holding in Tesla, which is estimated at about $197 billion.
His Tesla stock options from a 2018 CEO performance award, which were voided by a Delaware judge in January 2024, have been discounted to $69 billion pending the outcome of his appeal to the Delaware Supreme Court.
Musk’s artificial intelligence venture, xAI Holdings, is also a major contributor to his wealth. The company is reportedly raising funds at a $230 billion valuation, with Musk’s 53 per cent stake estimated at around $60 billion.
With a lead of roughly $425 billion over the world’s second-richest person, Google co-founder Larry Page, Forbes noted that Musk is now closer to the $700 billion mark than to losing his position as the world’s wealthiest individual.
