Elon Musk’s net worth soars to nearly $750 billion

New Delhi: Tesla and SpaceX CEO Elon Musk’s net worth rose to nearly $750 billion after a US court reinstated Tesla stock options worth $139 billion.

According to Forbes’ billionaires index, this development has taken Musk closer to become the world’s first trillionaire.

Earlier, the Delaware Supreme Court in the US restored Musk’s 2018 pay package from Tesla, overturning a lower‑court decision that had struck it down as “unfathomable”.

The ruling reverses a 2024 decision that rescinded the package and found that total rescission “leaves Musk uncompensated for his time and efforts over a period of six years,” the 49‑page ruling said, according to reports.

The 2018 package was worth about $139 billion based on Tesla’s closing stock price on Friday, and if Musk exercises all stock options from the pay package, his stake would rise from about 12.4 per cent to 18.1 per cent of an expanded share base.

The 2018 pay deal provided Musk options to buy about 304 million shares at a discounted price if Tesla met specific milestones. Tesla’s board had warned that Musk, the world’s ‍richest person, leading the SpaceX rocket venture, could leave the electric car company if his pay was disrupted.

Earlier this week, the Tesla CEO became the first person ever to surpass $600 billion in net worth over reports that SpaceX was likely to go public. With his company SpaceX reportedly launching a tender offer, valuing the firm at $800 billion, Musk’s net worth has surged by $168 billion to an estimated $677 billion.

SpaceX is aiming for an initial public offering (IPO) next year that may value the firm at around $1.5 trillion. Also, Musk’s 12 per cent stake in electric vehicle maker Tesla is worth $197 billion, excluding stock options.

Moreover, Musk’s xAI Holdings is reportedly in talks to raise new funding at around $230 billion valuation. Musk owns a 53 per cent stake in xAI Holdings, worth $60 billion.

IANS