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Elon Musk, Chief Executive Officer of Tesla, has set a new global wealth record after becoming the first individual ever to attain a net worth of $600 billion, according to estimates by Forbes.
The surge in Musk’s fortune followed reports that his space exploration company, SpaceX, is considering an initial public offering at a valuation of about $800 billion.
Sources familiar with the matter indicated that the development added roughly $168 billion to Musk’s personal wealth in a single day.
Musk controls approximately 42 per cent of SpaceX, which is widely expected to go public next year.
Should the proposed valuation materialise, Forbes projects that his net worth could climb to about $677 billion.
The tech billionaire had only crossed the $500 billion threshold in October.
Further bolstering his wealth is his nearly 12 per cent stake in Tesla Inc.
Although the electric vehicle maker has faced slower sales growth, its shares have risen by about 13 per cent this year.
On Monday alone, Tesla’s stock gained nearly 4 per cent after Musk announced that the company was testing robotaxis without safety supervisors in the front passenger seat.
In November, Tesla shareholders approved a historic $1 trillion compensation package for Musk, the largest executive pay deal ever recorded.
Investors endorsed the plan amid Musk’s push to reposition Tesla as a major force in artificial intelligence and robotics.
Meanwhile, Musk’s artificial intelligence venture, xAI, is reportedly in advanced discussions to raise $15 billion in fresh capital at a valuation of around $230 billion, further underscoring the rapid expansion of his business empire.
