Elon Musk's Net Worth Hits $600 Billion
According to reports, Elon Musk became the first individual ever to reach a net worth of $600 billion, following news that his SpaceX company was expected to go public at a valuation of $800 billion.
Musk, who first exceeded a $500 billion net worth in October, reportedly holds around a 42percent stake in SpaceX, which plans to go public next year.
Reports indicate that the SpaceX valuation would enhance Musk's net worth by $168 billion, bringing it to an estimated $677 billion as of noon.
Musk's fortune received a lift from his approximately 12percent ownership in EV manufacturer Tesla, whose stock has increased by 13percent this year, even with declining sales.
They rose almost 4percent on Monday after Musk announced that the company was testing robotaxis without safety monitors in the front passenger position.
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In November, Tesla investors sanctioned a $1 trillion compensation scheme for Musk, marking the biggest corporate pay deal ever, as shareholders supported his goal of transforming the EV manufacturer into a powerhouse in AI and robotics.
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Additionally, his AI startup xAI is in advanced discussions to secure $15 billion in new equity at a valuation of $230 billion, as per a media report.
Tesla stock surged on Monday after CEO Elon Musk announced that the company is conducting tests of robotaxis without a safety supervisor in the front passenger seat. This testing news thrilled investors as robotaxis play a significant role in Tesla's upcoming strategies. According to Musk, Tesla is currently testing these robotaxis without any passengers in the vehicle.
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Tesla's overall market capitalization is approximately $1.53 trillion, making it the world's most valuable car manufacturer, according to Reuters. Much of this elevated valuation stems from investor optimism regarding autonomous vehicles and human-like robots.
Nonetheless, the majority of Tesla's revenue and profit continues to arise from the sale of electric vehicles, rather than from robotaxis at this time. Following the announcement, Tesla stock climbed by up to 4.9 percent throughout the day. The stock price reached $481.37, marking its peak in almost a year.