Elon Musk Makes History as First Person to Reach $600 Billion Net Worth Following SpaceX Valuation News

Elon Musk achieved a historic financial milestone on Monday, becoming the first individual in history to amass a net worth of $600 billion, according to Forbes. This unprecedented wealth accumulation follows reports that his aerospace company SpaceX is preparing for a public offering at a staggering $800 billion valuation.

Having already broken records as the first person to exceed a $500 billion net worth in October, Musk's financial empire continues to expand. His estimated 42% ownership stake in SpaceX, which Reuters reported is planning to go public next year, forms a substantial foundation of his wealth.

The anticipated SpaceX valuation would significantly enhance Musk's fortune by approximately $168 billion, pushing his total estimated net worth to $677 billion as of midday Monday, Forbes calculations revealed.

Additionally, Musk's approximately 12% stake in Tesla has contributed to his wealth growth. Despite challenges in sales figures, Tesla shares have increased by 13% since the beginning of the year. The stock climbed nearly 4% on Monday following Musk's announcement that the company was conducting robotaxi tests without safety personnel in the front passenger seat.

Last November, Tesla shareholders approved an unprecedented $1 trillion compensation package for Musk, representing the largest corporate pay arrangement in history. This decision reflected investor confidence in his vision to transform Tesla from an electric vehicle manufacturer into an advanced AI and robotics powerhouse.

Further expanding his technology empire, Musk's artificial intelligence venture xAI is reportedly in advanced negotiations to secure $15 billion in new equity investment at a $230 billion valuation, according to media reports.

When contacted by Reuters, representatives for Musk, Tesla, SpaceX, and xAI did not immediately provide comments regarding these developments.