Fatimah Otunsanya
Elon Musk has become the first person in history to surpass a net worth of $600 billion, with his wealth estimated at $677 billion as of 12 p.m. U.S. Eastern Time on Monday, according to Forbes.
The surge in Musk’s fortune was driven largely by a sharp rise in the valuation of his private space company, SpaceX.
Earlier this month, SpaceX completed a tender offer that valued the company at $800 billion, doubling its valuation from $400 billion in August, according to investors cited by Forbes.
The increase followed a tender offer by SpaceX earlier this month, which valued the company at $800 billion, up from $400 billion in August, two of the company’s investors told Forbes.
Musk owns an estimated 42% stake in SpaceX, and the higher valuation alone added approximately $168 billion to his fortune.
The tender offer comes as SpaceX prepares for a potential IPO in 2026, which could value the company at around $1.5 trillion, according to one investor. Such an IPO would likely make Musk the world’s first trillionaire, even without considering gains from his other holdings.
Tesla, xAI, and other wealth drivers
Forbes estimates that Musk’s $336 billion stake in SpaceX is his most valuable asset, surpassing his 12% stake in Tesla, which is worth about $197 billion.
Tesla stock options from his 2018 CEO performance award, voided by a Delaware judge in January 2024, have been discounted to $69 billion, pending the outcome of Musk’s appeal to the Delaware Supreme Court.
Musk’s xAI Holdings also contributes significantly to his fortune.
The AI company is reportedly raising funds at a $230 billion valuation, more than double the $113 billion valuation he cited when forming xAI in March by merging it with his social media company X. Musk owns 53% of xAI Holdings, valued at approximately $60 billion.
With an estimated $425 billion lead over the world’s second-richest person, Google co-founder Larry Page, Musk is closer to reaching $700 billion than losing his spot as the world’s richest individual, the report emphasised.