Elon Musk becomes first individual to exceed $600bn net worth

By Seyi Babalola

Elon Musk has become the first person in history to have a net worth greater than $600 billion, with Forbes estimating his fortune at $677 billion.

The increasing valuation of Musk’s private space enterprise, SpaceX, has contributed significantly to his wealth increase.

Investors told Forbes that the corporation held a tender offer earlier this month that valued it at $800 billion, more than double its August estimate of $400 billion.

Musk owns about 42 per cent of SpaceX, and the revised valuation alone added an estimated $168 billion to his personal wealth. Forbes now values his SpaceX stake at $336 billion, making it his most valuable asset.

The tender offer comes ahead of a possible SpaceX initial public offering in 2026, which one investor said could value the company at as much as $1.5 trillion. Such a move could potentially make Musk the world’s first trillionaire, even without additional gains from his other businesses.

Musk’s 12 per cent stake in Tesla is valued at about $197 billion, while his Tesla stock options from the 2018 CEO performance award—voided by a Delaware judge in January 2024—are currently worth $69 billion, pending the outcome of his appeal.

His artificial intelligence company, xAI, has also contributed significantly to his growing fortune. The company is reportedly raising funds at a valuation of $230 billion, more than double the $113 billion valuation Musk cited earlier this year following its merger with social media platform X. Musk owns 53 per cent of xAI, a stake valued at roughly $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 a $700 billion net worth than to losing his position as the world’s richest individual.