Elon Musk has become the first person in history to surpass a net worth of $600 billion, with his wealth now estimated at $677 billion, according to Forbes.
The sharp rise in Musk’s fortune was driven mainly by the soaring value of his private space company, SpaceX.
Earlier this month, SpaceX carried out 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 SpaceX, and the new valuation alone added roughly $168 billion to his personal wealth.
The tender offer comes ahead of a possible SpaceX initial public offering (IPO) in 2026, which could value the company at around $1.5 trillion, according to one investor. Such a move could make Musk the world’s first trillionaire, even without gains from his other businesses.
Forbes estimates that Musk’s $336 billion stake in SpaceX is now his most valuable asset, ahead of his 12 per cent stake in Tesla, valued at about $197 billion.
His Tesla stock options from the 2018 CEO performance award, which were voided by a Delaware judge in January 2024, are currently valued at $69 billion, pending the outcome of his appeal.
Musk’s artificial intelligence company, xAI, also plays a major role in his growing fortune. The company is reportedly raising funds at a valuation of $230 billion, more than double the $113 billion valuation Musk mentioned when xAI was formed earlier this year through a merger with social media platform X.
Musk owns 53 per cent of xAI, a stake valued at about $60 billion.
With an estimated $425 billion gap between him and the world’s second-richest person, Google co-founder Larry Page, Forbes notes that Musk is now closer to $700 billion than to losing his position as the world’s richest individual.
