In a groundbreaking development, Elon Musk has become the first individual in history to achieve a staggering net worth of $600 billion, as reported by Forbes on Monday. This milestone coincides with news that his aerospace company, SpaceX, is gearing up for an initial public offering (IPO) and could be valued at an impressive $800 billion.
Musk previously made headlines in October when he was the first person ever to surpass a net worth of $500 billion. He holds approximately 42% of SpaceX shares, positioning him significantly as the company prepares to enter the public market next year. Notably, no one else has reached the $500 billion threshold until now.
If SpaceX indeed hits that valuation, Musk's wealth could surge by an astonishing $168 billion, bringing his total to around $677 billion as of noon Eastern Time on Monday, according to Forbes.
Moreover, Musk's fortune has also benefited from his roughly 12% ownership stake in Tesla, the electric vehicle manufacturer whose stock has climbed 13% this year, despite facing challenges with sales. Just on Monday, Tesla's shares rose nearly 4% after Musk announced the company is testing robotaxi technology without a safety monitor in the front passenger seat.
In November, Tesla shareholders gave the green light to an unprecedented $1 trillion compensation package for Musk, marking the largest corporate pay deal in history. This approval reflects investor confidence in Musk’s ambitious strategy to transform Tesla into a powerhouse in AI and robotics.
In addition to his ventures with Tesla and SpaceX, Musk's artificial intelligence startup, xAI, is reportedly in advanced discussions to secure $15 billion in new funding, which would elevate its valuation to $230 billion, according to the Wall Street Journal.
As of now, representatives from Musk, Tesla, SpaceX, and xAI have not responded to inquiries regarding these developments.
