Elon Musk has become the first individual in history to surpass a net worth of $600 billion, with his wealth estimated at about $677 billion as of Monday afternoon. The milestone places him firmly at the top of the global wealth rankings, widening the gap between him and every other billionaire.
The dramatic surge in Musk’s fortune is largely attributed to a significant increase in the valuation of his private aerospace company, SpaceX. The company recently completed a tender offer that valued it at approximately $800 billion, representing a doubling of its valuation from about $400 billion recorded in August. Musk owns an estimated 42 per cent stake in SpaceX, and the revised valuation alone is believed to have added roughly $168 billion to his personal wealth.
The latest valuation has further strengthened expectations that SpaceX could pursue an initial public offering in 2026. If such a listing materialises and the company is valued in the region of $1.5 trillion, Musk could become the world’s first trillionaire, even without factoring in gains from his other business interests.
SpaceX is currently Musk’s most valuable asset, with his stake estimated at around $336 billion. This exceeds the value of his holdings in Tesla, where his approximately 12 per cent stake is estimated to be worth about $197 billion. Although Tesla remains one of the world’s most valuable carmakers, its contribution to Musk’s wealth is now secondary to that of his space venture.
Musk’s wealth profile is further shaped by his long-running legal battle over Tesla stock options awarded under his 2018 CEO performance compensation plan. Those options, which were voided by a Delaware court earlier in 2024, are currently being valued at a discounted estimate of about $69 billion, pending the outcome of his appeal to the state’s Supreme Court.
Another major contributor to Musk’s fortune is his artificial intelligence business, xAI Holdings. The company is reportedly in the process of raising fresh capital at a valuation of around $230 billion, more than double the valuation attached to it earlier this year following the merger of xAI with his social media platform, X. Musk owns an estimated 53 per cent of xAI Holdings, giving his stake a value of roughly $60 billion.
With his net worth now exceeding that of the world’s second-richest individual by an estimated $425 billion, Musk remains firmly entrenched as the richest person alive. At his current trajectory, his wealth is edging closer to the $700 billion mark, underscoring the extraordinary scale of value creation across his technology, space, automotive and artificial intelligence ventures.
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