Billionaire entrepreneur and CEO of Tesla Inc., Elon Musk, has reached a new personal wealth milestone, with his net worth soaring to $677 billion. This surge comes as the valuation of his privately held space transportation company, SpaceX, climbs ahead of a planned initial public offering (IPO) in 2026.
Musk’s net worth recently surpassed the historic mark of $600 billion, according to a report by Forbes. This figure marks him as the first individual to reach this level of wealth, following a previous milestone of $500 billion earlier this year. As the world’s richest person, Musk’s fortune exceeds that of Google co-founder Larry Page, who ranks second with an estimated net worth of $253.3 billion.
SpaceX’s recent tender offer has significantly impacted Musk’s wealth. The company, where he holds an estimated 42% stake, launched this offer, valuing SpaceX at a staggering $800 billion, an increase from $400 billion just months ago. The upcoming public offering is projected to potentially value SpaceX at up to $1.5 trillion, which would position Musk to become the world’s first trillionaire.
Significant Compensation Package from Tesla
In addition to his holdings in SpaceX, Musk stands to gain nearly $1 trillion from Tesla due to a recently approved executive compensation package. This plan is the largest of its kind in corporate history and consists of 12 tiered tranches of restricted stock that will vest as Tesla meets ambitious operational and market-cap milestones. The targets for this compensation begin at a $2 trillion valuation and extend up to $8.5 trillion, representing a potential increase of approximately 455% from Tesla’s current market capitalization of $1.53 trillion.
On the stock market, Tesla shares experienced a rise of 3.56% on the day Musk’s wealth reached this milestone, closing at $475.31. While the stock is currently down 1% in pre-market trading, it continues to perform well according to various stock rankings, indicating strong momentum and quality.
Elon Musk’s trajectory toward unprecedented wealth exemplifies the dynamic landscape of technology and space exploration, setting new benchmarks in both personal and corporate finance. As SpaceX moves closer to its IPO, the implications for Musk and the broader market will be closely watched by investors and analysts alike.
