‘He is twice as rich as the world’s second-richest man’
NEW DELHI: Elon Musk has just set a new record. The Tesla and SpaceX CEO is now $168 billion richer- meaning he has become the first person ever to have a net worth of $600 billion, Forbes reported. No one else has ever been worth $500 billion. The increase in Elon Musk’s massive net worth was fuelled by SpaceX targeting an IPO in 2026 that could value the company at around $1.5 trillion.
Elon Musk already crossed the $500 billion milestone in October this year, reported Forbes. Musk reportedly owns 42% stake in SpaceX which is preparing to go public next year and as per reports, SpaceX alone would add around $168 billion to Musk’s net worth. The SpaceX valuation would strengthen Musk’s wealth by $168 billion to an estimated $677 billion as of 12 p.m. ET on Monday, according to Forbes.
Musk’s wealth, driven by the soaring valuations of Tesla, SpaceX, and his AI ventures, has now crossed the $600 billion mark—more than the GDP of many countries. Even the wealth of Google cofounder and ex-CEO Larry Page, who is the second richest person alive, pales in comparison to Musk’s bank account. Page is worth $265 billion: less than half of what the SpaceX CEO sits atop.
What drives Elon Musk’s $600 billion fortune
The key reasons behind Elon Musk’s growing wealth are SpaceX valuations and Tesla holdings. Musk’s wealth also saw a massive jump from his roughly 12% stake in EV maker Tesla, shares of which have risen 13% so far this year, despite flagging sales. They were up nearly 4% on Monday after Musk said the company was testing robotaxis without safety monitors in the front passenger seat.
Moreover, a recent tender offer valued his startup SpaceX at $800 billion, which adds nearly $168 billion to his net worth every single day. Elon Musk owns an estimated 42% stake in SpaceX, which is preparing for an IPO next year that could value the company at $1.5 trillion. His stake in SpaceX alone accounts for the largest portion of his fortune. Last but not the least, Elon Musk also reportedly own 53% stake which amount to $60 billion in xAI.
How Elon Musk became the richest man in the world
Elon Musk’s first major financial breakthrough came early in life. In 1995, while in his early twenties, he co-founded Zip2, a software company that helped newspapers move city guides online, reports Fortune The startup was sold to Compaq for $307 million just four years later. He followed this with X.com, an online payments firm he co-founded in 1999, which later merged with Cofinity, the parent company of PayPal. In 2002, eBay acquired PayPal for $1.5 billion, cementing Musk’s standing in the tech world.
Rather than settling into wealth, Elon Musk reinvested aggressively which played a key role in shaping his net worth. He founded SpaceX in 2002, now a cornerstone of his fortune. He joined Tesla as an early investor in 2004 and became its CEO in 2008. In 2016, he launched Neuralink and founded The Boring Company. His most controversial move came in 2022, when he acquired Twitter, later rebranded as X, for $44 billion. Today, most of Musk’s wealth stems from his stakes in Tesla and SpaceX, alongside significant holdings in XAI Holdings.
Money will soon become obsolete, says Musk
However, the world’s richest man now thinks money may soon become obsolete. Speaking at the People by WTF podcast, Musk said, ““I think money disappears as a concept, honestly… If AI and robotics are big enough to satisfy all human needs, then money is no longer necessary. Its relevance declines dramatically.” Musk believes that in the future robots will build homes, grow food, manufacture goods and also provide healthcare and education at near-zero cost. In such a world, wages and salaries would no longer determine access to resources.
Agencies