Elon Musk’s Wealth Hits $677 Billion Ahead of SpaceX IPO

Billionaire entrepreneur and Tesla Inc. CEO, Elon Musk, has reached a significant milestone in his personal wealth, with his net worth soaring to $677 billion. This surge comes as the valuation of his privately held space transportation company, SpaceX, is set to rise ahead of a planned public offering in 2026.

Musk is now the first individual in history to exceed a net worth of $600 billion, according to a report from Forbes. Just months prior, he became the first person to surpass the $500 billion mark. As the world’s richest individual, Musk’s fortune is more than double that of Google co-founder Larry Page, who ranks second with an estimated net worth of $253.3 billion.

SpaceX’s Rising Valuation Drives Musk’s Wealth

Musk’s wealth increased by $168 billion following a recent tender offer that valued SpaceX at $800 billion, a significant jump from its $400 billion valuation in July 2023. As the single-largest shareholder of SpaceX, Musk holds an estimated 42% stake in the company. The tender offer, launched earlier this month, allows early investors and employees to cash out portions of their investments, paving the way for a public debut that could potentially value SpaceX at an astounding $1.5 trillion.

If successful, this IPO could mark the largest offering in market history and position Musk as the world’s first trillionaire.

Tesla’s Compensation Plan and Future Growth

In addition to his SpaceX holdings, Musk stands to benefit from a substantial compensation package linked to Tesla. Last month, shareholders approved a groundbreaking executive compensation plan that could yield nearly $1 trillion if Musk meets specific operational and market-cap milestones. The plan consists of 12 tiered tranches of restricted stock that vest as Tesla achieves increasingly ambitious targets, starting at a $2 trillion valuation and scaling up to $8.5 trillion.

On March 25, 2024, Tesla shares rose by 3.56%, closing at $475.31, although they showed a slight decline of 1% in pre-market trading. The stock currently ranks highly on Benzinga’s Edge Stock Rankings, indicating strong performance in momentum and quality.

As the landscape of both the automotive and space industries evolves, Musk’s ventures continue to capture global attention, reflecting not only his business acumen but also the significant impact his companies have on the market.