Elon Musk is edging closer to an unprecedented financial landmark as his wealth continues to surge on the back of rising valuations across his business empire, according to reports.
The Tesla and SpaceX chief executive has reportedly seen his net worth jump sharply after SpaceX initiated a tender offer that values the private space company at around $800 billion.
The move has lifted Musk’s estimated wealth by about $168 billion to roughly $677 billion, making him the first individual ever to cross the $600-billion mark, Forbes has reported.
SpaceX is also said to be exploring the possibility of an initial public offering next year, with estimates suggesting the company could be valued at as much as $1.5 trillion if it goes public.
Such a listing would further cement Musk’s position as the world’s richest individual.
Apart from SpaceX, Musk’s wealth is bolstered by his holdings in Tesla, where his 12 per cent stake is valued at about $197 billion, excluding stock options.
His artificial intelligence venture, xAI Holdings, is also reportedly in talks to raise fresh capital at a valuation of around $230 billion.
Musk owns a controlling 53 per cent stake in the company, estimated to be worth about $60 billion.
Musk’s rise up the global rich list has been swift. He first crossed the $200-billion mark in September 2021, reached $300 billion two months later, climbed to $400 billion in December 2024 and touched $500 billion in October this year.
ALSO READ: Tripura Governor pays tribute to 1971 war martyrs on Vijay Diwas
Earlier this month, however, Musk pushed back against reports suggesting that SpaceX was raising funds at an $800-billion valuation or receiving subsidies from NASA.
Responding to media reports, including one by The Wall Street Journal on a potential secondary share sale, he said SpaceX has been cash-flow positive for several years and conducts periodic stock buybacks to provide liquidity to employees and investors.
In a series of posts on X, Musk said changes in SpaceX’s valuation were driven by progress in its Starship and Starlink programmes, as well as efforts to secure global direct-to-cell spectrum, which he said significantly expands the company’s addressable market.
He also hinted at another major factor influencing valuations, describing it as “arguably most significant by far”.
