Tech billionaire Elon Musk has become the first person in history to record a net worth above $600 billion, with his fortune now estimated at $677 billion.
According to Forbes, Musk’s wealth hit the new record at about 12 p.m. U.S. Eastern Time on Monday, driven mainly by a massive rise in the value of his private space company, SpaceX.
The jump followed a recent SpaceX tender offer that placed the company’s valuation at $800 billion, double the $400 billion valuation recorded in August. Two SpaceX investors confirmed the figures to Forbes.
Musk owns about 42 per cent of SpaceX, and the new valuation alone added roughly $168 billion to his personal wealth.
The tender offer comes as SpaceX prepares for a possible initial public offering in 2026. One investor told Forbes that the IPO could value the company at around $1.5 trillion, a move that could make Musk the world’s first trillionaire, even without counting gains from his other businesses.
Forbes estimates that Musk’s stake in SpaceX, now worth about $336 billion, is his single most valuable asset. This is higher than his 12 per cent stake in electric car maker Tesla, valued at about $197 billion.
Musk’s Tesla stock options from his 2018 CEO performance package, which were voided by a Delaware judge in January 2024, are currently discounted at $69 billion while his appeal before the Delaware Supreme Court continues.
His artificial intelligence firm, xAI Holdings, has also added significantly to his wealth. The company is reportedly raising fresh funds at a valuation of $230 billion, more than double the $113 billion valuation Musk announced in March when xAI was formed through a merger with his social media platform, X.
Musk owns about 53 per cent of xAI Holdings, a stake valued at roughly $60 billion.
With a lead of about $425 billion over the world’s second-richest person, Google co-founder Larry Page, Forbes noted that Musk is now closer to $700 billion than to losing his position as the world’s richest individual.
