Tesla Chief Executive Officer Elon Musk has made history by becoming the first person in the world to amass a net worth of $600 billion, according to estimates by Forbes.
The sharp rise in Musk’s wealth followed reports that his aerospace company, SpaceX, is weighing plans for an initial public offering valued at about $800 billion.
Sources familiar with the matter said the development boosted Musk’s personal fortune by an estimated $168 billion in a single day.
Musk owns roughly 42 per cent of SpaceX, which is widely expected to list on the stock market next year. If the proposed valuation is achieved, Forbes estimates his net worth could rise further to around $677 billion.
The billionaire had only crossed the $500 billion mark in October, highlighting the rapid pace of his wealth growth.
Musk’s fortune is also supported by his nearly 12 per cent stake in electric vehicle giant Tesla Inc. Despite slower sales growth, Tesla’s shares have gained about 13 per cent so far this year.
On Monday, Tesla stock climbed almost 4 per cent after Musk announced that the company was testing robotaxis without safety supervisors in the front passenger seat.
In November, Tesla shareholders approved a record-breaking $1 trillion compensation package for Musk, the largest executive pay deal in history. Investors backed the move as Musk continues to reposition Tesla as a major player in artificial intelligence and robotics.
Meanwhile, Musk’s artificial intelligence startup, xAI, is reportedly in advanced talks to raise $15 billion in new funding at a valuation of approximately $230 billion, further strengthening his expanding business empire.
