Elon Musk has reached an incredible milestone as he’s officially the first person ever to be worth $600 billion, according to Forbes Magazine. That surge in wealth comes even as reports swirl that his aerospace company, SpaceX, is preparing to go public with a valuation of around $800 billion.
Musk, who exited 2020 worth more than $500 billion in October, owns some 42% of SpaceX. Assuming the company achieves its expected valuation, Musk’s stake would grow by some $168 billion to approximately $677 billion as of midday Monday.
Musk's wealth is also supported by his roughly 12% stake in electric car company Tesla. Even with the recent sales struggles for the company’s cars and price cuts that have incited shareholder anger, Tesla shares are up roughly 13 percent this year, and they rose nearly 4 percent on Monday after Musk said he would test robotaxis with no safety monitors in the front passenger seat.
In November, Tesla shareholders approved Musk’s historic $1 trillion compensation package, the largest corporate pay deal in history, signalling that investors had faith in his transformational vision of Tesla as an AI and robotics leader. Also, Musk’s artificial intelligence company, xAI, is said to be in late-stage talks to raise up to $15 billion of new funding at a valuation of some $230 billion.
Business Outstanders brings you sharp insights on tech, business, entrepreneurship, law, crypto, and more. We uncover what’s next. Stay updated, sign up for our newsletter and be part of the future!
