Elon Musk Becomes First Person to Exceed $600bn in Net Worth

Elon Musk has become the first person in history to see his net worth rise above $600 billion, with his fortune estimated at $677 billion as of 12 p.m. U.S. Eastern Time on Monday, according to Forbes.

The sharp jump in his wealth is mainly tied to a fresh surge in the value of his space company, SpaceX. Earlier this month, SpaceX completed a tender offer that priced the company at about $800 billion, doubling its valuation from $400 billion in August, based on figures shared by investors quoted by Forbes.

Musk is believed to own around 42% of SpaceX. The new valuation added roughly $168 billion to his personal fortune from that stake alone.

The tender offer comes as SpaceX positions itself for a possible initial public offering (IPO) in 2026. One investor told Forbes that the company could be valued at around $1.5 trillion if it lists. Such a valuation would likely push Musk toward becoming the world’s first trillionaire, even before accounting for future gains from his other companies.

Forbes estimates that Musk’s interest in SpaceX, now put at about $336 billion, is his single largest asset. It has overtaken the value of his roughly 12% stake in Tesla, worth an estimated $197 billion.

He also holds Tesla stock options from his 2018 CEO performance award. These options were voided by a Delaware judge in January 2024, and Forbes has discounted their value to $69 billion pending the outcome of his appeal before the Delaware Supreme Court.

Musk’s AI company, xAI Holdings, is another major driver of his net worth. The firm is reportedly raising new capital at a valuation of about $230 billion, more than double the $113 billion figure he referenced when forming xAI in March through a merger with his social media platform X. Musk owns around 53% of xAI Holdings, a stake estimated at about $60 billion.

With an estimated $425 billion lead over the world’s second-richest person, Google co-founder Larry Page, Musk is now closer to a $700 billion net worth than he is to losing his position as the world’s richest individual.