Billionaire entrepreneur Elon Musk has made history by becoming the first person to exceed a net worth of $600 billion.
As of 12 p.m. U.S. Eastern Time on Monday, Forbes reported his fortune at $677 billion, marking a significant milestone in his financial ascent.
A major factor behind Musk’s rapid wealth growth is the soaring valuation of his private aerospace company, SpaceX. Earlier this month, SpaceX completed a tender offer that valued the company at $800 billion, a sharp rise from its $400 billion valuation in August. Musk, who owns an estimated 42% stake in the company, saw his personal fortune grow by approximately $168 billion from this valuation boost alone.
This surge comes amid rumors that SpaceX is preparing for an initial public offering (IPO) in 2026. Some investors predict the IPO could value the company at up to $1.5 trillion, positioning Musk to potentially become the world’s first trillionaire, even without factoring in his other ventures.
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Forbes reports that Musk’s stake in SpaceX, now valued at $336 billion, has surpassed his holdings in electric vehicle giant Tesla, where his 12% stake is valued at around $197 billion.
His wealth has also been bolstered by his AI venture, xAI Holdings, which is raising funds at a $230 billion valuation, more than double the $113 billion valuation it held earlier this year. Musk owns roughly 53% of xAI, which is valued at around $60 billion.
Despite the recent voiding of Musk’s Tesla stock options from his 2018 CEO performance award by a Delaware judge in January 2024, which are now worth about $69 billion, Musk’s fortune remains formidable.
This is especially true considering he is still $425 billion ahead of the world’s second-richest person, Google co-founder Larry Page.
With Musk’s net worth climbing rapidly, the gap between him and the rest of the world’s wealthiest individuals continues to widen.
