Elon Musk made history on Monday as the first individual to reach a net worth of $600 billion, according to Forbes. This milestone is largely driven by a surge in valuations across his companies, including SpaceX, Tesla, and xAI, alongside reports that SpaceX may soon go public with an estimated valuation of $800 billion, Reuters reported.
This comes at the heels of reports that SpaceX is gearing up for an IPO next year, with a projected valuation of $800 billion. Musk, who owns an estimated 42% of the private space giant, stands to see a substantial increase in his wealth once the company goes public. As a result, Forbes reports that Musk's net worth surged to approximately $677 billion by midday Monday.
In October, Musk surpassed the $500 billion mark. He holds an estimated 42% ownership in SpaceX, which is gearing up for a public offering next year.
SpaceX IPO: At an $800 billion valuation, SpaceX could add $168 billion to Musk’s fortune, boosting his net worth to $677 billion, Forbes reports.
Tesla Stake: Musk’s 12% stake in Tesla, whose shares are up 13% this year despite slowing vehicle sales, further contributes to his wealth. Tesla stock rose nearly 4% on Monday following Musk's announcement about robotaxi tests.
Record Pay Package: In November, Tesla shareholders approved a historic $1 trillion pay package for Musk, aligning with his vision to evolve the company into a leader in AI and robotics.
xAI Venture: Musk’s AI company, xAI, is reportedly in talks to raise $15 billion at a $230 billion valuation, adding another major asset to his portfolio.