ELON MUSK has become the richest person in the world, breaking a new record with a net worth that has crossed $600 billion, which is around Sh 76.8 trillion. This huge milestone came after SpaceX announced a deal that valued the private aerospace company at $800 billion. This single day event added about $168 billion to Musk's wealth instantly.
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| Drago/Bloomberg |
Now, SpaceX is the biggest source of Musk's wealth.
He owns around 42% of the company, which makes it the main reason for his fortune. In addition, Musk holds about 12% of Tesla, which is valued at almost $197 billion. Tesla's shares have been steadily increasing this year, which has also helped boost Musk's financial standing.
Tesla's performance has greatly improved Musk's financial position, with the company's stock rising by 13% so far this year.
Moreover, a $1 trillion compensation package approved by Tesla shareholders in November has greatly enhanced his overall financial status and long-term earnings potential.
Besides Tesla and SpaceX, Musk's artificial intelligence company, xAI, is looking for $15 billion in new funding, with a valuation of $230 billion.
With SpaceX now being the most valuable private company in the world and possibly going public soon, experts believe Musk might be on the path to becoming the first trillionaire in history