Elon Musk has made history as the first individual to amass a personal fortune exceeding $600 billion, with his net worth estimated at about $677 billion as of Monday afternoon, according to Forbes.
The dramatic rise in Musk’s wealth is largely linked to the soaring valuation of SpaceX, his privately held aerospace company. Earlier this month, SpaceX concluded a tender offer that placed the company’s value at roughly $800 billion—double its estimated worth of $400 billion just a few months ago, investors told Forbes.
Musk owns about 42 per cent of SpaceX, and the jump in the company’s valuation alone added an estimated $168 billion to his personal fortune.
The tender offer comes as SpaceX moves closer to a possible initial public offering expected around 2026. Analysts suggest such an IPO could value the company at up to $1.5 trillion, a development that could potentially push Musk into trillionaire status, even without factoring in gains from his other businesses.
Forbes estimates Musk’s stake in SpaceX—worth about $336 billion—is now his most valuable asset, overtaking his 12 per cent holding in electric vehicle giant Tesla, valued at approximately $197 billion.
His Tesla stock options from the 2018 CEO compensation package, which were voided by a Delaware court in January 2024, are currently valued at around $69 billion, pending the outcome of an appeal before the Delaware Supreme Court.
Musk’s artificial intelligence venture, xAI Holdings, has also become a major contributor to his wealth. The company is reportedly seeking fresh funding at a valuation of about $230 billion, more than double the $113 billion valuation cited when xAI was formed earlier this year through a merger with social media platform X. Musk owns an estimated 53 per cent of xAI, putting his stake at around $60 billion.
With a gap of roughly $425 billion between Musk and the world’s second-richest person, Google co-founder Larry Page, Forbes notes that Musk is now closer to reaching the $700 billion milestone than facing any serious challenge to his position as the world’s richest individual.
