Musk's net worth hits $600 billion, Forbes says, as SpaceX preps for IPO
SpaceX IPO prospects and Tesla gains propel Musk to unprecedented wealth milestone.
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STARBASE, South Texas: Elon Musk on Monday (Dec 15) became the first person ever worth US$600 billion, Forbes said, on the heels of reports that his SpaceX start-up was likely to go public at a valuation of US$800 billion.
Musk, who was the first to surpass US$500 billion in net worth in October, owns an estimated 42 per cent stake in SpaceX, which is preparing to go public next year, Reuters reported last week.
The SpaceX valuation would strengthen Musk's wealth by US$168 billion to an estimated US$677 billion as of 12 pm ET on Monday, according to Forbes.
Musk's wealth also got a boost from his roughly 12 per cent stake in EV maker Tesla, shares of which have risen 13 per cent so far this year, despite flagging sales. They were up nearly 4 per cent on Monday after Musk said the company was testing robotaxis without safety monitors in the front passenger seat.
In November, Tesla shareholders approved a US$1 trillion pay plan for Musk, the largest corporate pay package in history, as investors endorsed his vision of morphing the EV maker into an AI and robotics juggernaut.
As well, his artificial-intelligence startup xAI is in advanced talks to raise US$15 billion in fresh equity at a valuation of US$230 billion, according to a media report.
Musk, Tesla, SpaceX and xAI did not immediately respond to Reuters requests for comment.
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