Record-Breaking Wealth Achievement
Billionaire entrepreneur Elon Musk has marked a historic achievement. He has made history as the first person globally to emerge with a net worth of $600 billion. His wealth skyrocketed following reports emerging with a higher valuation for his space company, SpaceX, prior to its initial public offering.
Dramatic Jump in Net Worth
According to Forbes, Musk's net worth had surged by 168 billion dollars in a day. By Monday afternoon, US time, the aggregate net worth had reached approximately 677 billion dollars. This had come after investors reported that the valuation of SpaceX had escalated.
The Explosive Growth in Five Years
His wealth exceeded $500 billion in October of this year. At the end of March 2020, his worth was $24.6 billion. To reach $600 billion in just five years is an unprecedented feat. There isn’t another billionaire who will match this accomplishment. Then, the founder of the company Oracle reached a ton of $400 billion.
Business Value and Ownership of SpaceX
Musk holds a 42 percent stake in SpaceX. The company is also expected to go public next year. Its initial reported value in August was placed at a staggering 400 billion dollars. But investor input recently revealed a potential value of 800 billion dollars. This significant increase contributed majorly to the increase in Musk's net worth.
Tesla and Compensation Package
He also has a stake in Tesla worth 12 percent. Tesla’s shareholders in November approved a pay package worth one trillion dollars for him as the Chief Executive Officer. This is a possible step toward him becoming the first trillionaire in the world.
Related Business Interests
Besides his involvement in SpaceX and Tesla, he has a 53 percent stake in his AI firm, xAI Holdings.
Tags Cloud
