Tech billionaire Elon Musk has created history by becoming the world’s first individual to amass a fortune exceeding $600 billion. His net worth surged sharply following reports of a higher valuation for SpaceX’s upcoming IPO, making him the richest person ever recorded.
According to Forbes, Musk’s wealth jumped by nearly $168 billion in a single day. By Monday afternoon (US time), his net worth stood at around $677 billion. The sharp rise came amid growing investor interest in SpaceX, Musk’s rocket manufacturing company.
Musk crossed the $500 billion mark in October, marking another milestone. Notably, his wealth stood at just $24.6 billion in March 2020. In just five years, it has grown to over $600 billion, a feat no other billionaire has achieved so far. Oracle founder Larry Ellison previously touched the $400 billion level, but Musk has now moved far beyond that mark.
Musk owns 42% stake in SpaceX, which is expected to go public next year. Initial reports in August suggested a valuation of $400 billion. However, some company investors recently told Forbes that SpaceX could launch its IPO at a valuation of nearly $800 billion. These expectations have played a major role in boosting Musk’s fortune.
Apart from SpaceX, Musk holds a 12% stake in Tesla. In November, Tesla shareholders approved a trillion-dollar pay package for Musk as part of a long-term compensation plan. This has raised speculation that he could soon become the world’s first trillionaire.
Musk also owns 53% stake in xAI Holdings, his artificial intelligence venture. With multiple high-value companies under his control, Elon Musk continues to redefine global wealth benchmarks and cement his position as the most powerful entrepreneur of the modern era.
