Prime Highlights
- Elon Musk has become the first individual in history to surpass $600 billion in personal wealth, strengthening his position as the world’s richest person.
- A sharp rise in SpaceX’s valuation has been the key driver behind Musk’s latest surge in net worth.
Key Facts
- Bloomberg’s wealth index estimates Musk’s net worth at around $638 billion following an internal SpaceX share sale.
- Musk holds major stakes in Tesla and SpaceX, which together account for the majority of his record-breaking fortune.
Background
Elon Musk has set a new global wealth record after his net worth crossed the $600 billion mark, placing him far ahead of every other billionaire in the world. The Tesla and SpaceX chief is now worth more than double the fortune of the second-richest individual, Google co-founder Larry Page.
Musk’s wealth jumped sharply following a major internal share sale at SpaceX, which valued the private aerospace company at $800 billion. The deal pushed SpaceX to the top of the global rankings as the most valuable privately held company. Musk owns roughly 42% of the firm, a stake now estimated at over $300 billion, making SpaceX the single largest contributor to his personal fortune.
Bloomberg’s wealth index estimates Musk’s net worth at about $638 billion, making him the first person to cross $600 billion in personal wealth. The increase came in a single day, with Musk adding more than $160 billion as SpaceX’s valuation was updated.
While other billionaires have briefly challenged Musk’s position at the top, none have been able to sustain it. Oracle co-founder Larry Ellison momentarily overtook Musk earlier this year before market shifts erased billions from his holdings. Meanwhile, Larry Page, currently ranked second, holds an estimated $265 billion, less than half of Musk’s wealth.
Musk’s rise has taken place over many years. He made his first fortune by selling Zip2 in the late 1990s, then helped start X.com, which later became PayPal and was sold to eBay. He used that money to launch SpaceX and later took on a leading role at Tesla.
For now, Musk remains the world’s richest person, reaching new heights in business.