Elon Musk has made history as the first individual to exceed a net worth of $600 billion, with Forbes estimating his fortune at $677 billion as of 12 p.m. U.S. Eastern Time on Monday.
The rapid growth in Musk’s wealth is largely attributed to the soaring valuation of his private space venture, SpaceX. Earlier this month, SpaceX completed a tender offer valuing the company at $800 billion—up from $400 billion in August—according to investors cited by Forbes.
Musk holds an estimated 42% stake in SpaceX, and the increased valuation alone contributed roughly $168 billion to his fortune.
The tender offer arrives as SpaceX gears up for a potential IPO in 2026, which could value the company at around $1.5 trillion. If achieved, this would make Musk the world’s first trillionaire, even without factoring in gains from his other holdings.
Forbes notes that Musk’s $336 billion stake in SpaceX is currently his most valuable asset, surpassing his 12% stake in Tesla, which is valued at about $197 billion.
Tesla stock options from his 2018 CEO performance award, previously voided by a Delaware judge in January 2024, are currently discounted to $69 billion, pending the outcome of Musk’s appeal to the Delaware Supreme Court.
Musk’s AI venture, xAI Holdings, also plays a major role in his wealth. The company is reportedly raising funds at a $230 billion valuation, more than double the $113 billion valuation cited when xAI merged with his social media platform, X, in March. Musk owns 53% of xAI Holdings, worth roughly $60 billion.
With an estimated $425 billion lead over the world’s second-richest individual, Google co-founder Larry Page, Musk is now closer to $700 billion than losing his position as the world’s richest person, Forbes highlighted.