SpaceX, now valued at $350 billion, propels Elon Musk’s net worth to an all-time high, setting a new record among billionaires listed by Forbes.
Elon Musk becomes the first person in the world to have assets greater than $400 billion. According to the estimates of Forbeshis fortune, mainly fueled by Tesla, SpaceX and xAI, reached $428 billion on Wednesday. A new level in the history of the ranking of billionaires Forbespublished for almost forty years.
The billionaire’s net worth soared by $58 billion on Wednesday, after Forbes confirmed that SpaceX and its investors had reached an agreement to repurchase the shares held internally. The deal values the rocket company at $350 billion, according to information initially revealed by Bloomberg.
With this new valuation, Elon Musk’s 42% stake in SpaceX is now valued at $147 billion, an increase of more than 60% from the company’s previous valuation of $210 billion. at the start of the year. This new estimate places SpaceX at the top of the highest-rated private companies in the world, surpassing ByteDance (parent company of TikTok), OpenAI (creator of ChatGPT) and Stripe (payments specialist). “ What’s incredible is that almost no investors wanted to sell their shares, even with a valuation of $350 billion! SpaceX had to reduce the volume of shares bought back from its employees to make room for new investors “Elon Musk said Wednesday on X, where he holds about 75% of the shares.
2024 marks an exceptional year for Elon Musk, whose fortune has soared by more than $150 billion since 1is January. This surge is explained in particular by the spectacular increase in the valuation of SpaceX, but also by its 13% stake in Tesla (excluding options), which constitutes the bulk of its wealth. This stake, now estimated at nearly $170 billion, is in addition to its majority share of 54% in artificial intelligence start-up xAI, recently valued at $50 billion by private investors in November. Tesla shares, meanwhile, have surged more than 70% since the November 5 presidential election.
Elon Musk has also strengthened his ties with US President-elect Donald Trump, playing a key role in his campaign by investing hundreds of millions of dollars and being involved in the appointment of his cabinet. He is expected to occupy a strategic position in the new administration as co-director of the Department of Government Efficiency (DOGE), charged with proposing ways to reduce federal spending. This role could have a direct impact on regulations affecting Elon Musk’s businesses.
All is not rosy for the billionaire. Earlier this year, a Delaware judge overturned the 2018 deal that gave him options representing an additional 9% of Tesla, then valued at about $56 billion. Last week, this same judge confirmed his decision, despite a shareholder vote in June aimed at reapproving this compensation plan. Waiting for Musk’s call, Forbes has reduced the estimated value of these options by 50%, now valuing them at almost $60 billion.
After regularly occupying first place among the world’s richest people in recent years, Elon Musk is now some $180 billion ahead of Amazon founder and chairman Jeff Bezos, ranked second. French luxury tycoon Bernard Arnault, who has seen his fortune plummet this year, briefly regained the title of world’s richest person in January, when Tesla shares were in decline. However, with their dramatic rebound, Musk reclaimed that title in late May and has held it ever since.
Driven by the strong increase in the valuations of SpaceX, Tesla and xAI, Elon Musk seems well on his way to maintaining his status as the richest person in the world in the near future, especially since the gap with Jeff Bezos remains considerable. If his fortune continues to grow at the breakneck pace through 2024, although it remains unlikely, Musk could even become a trillionaire by the end of the decade.
An article by Phoebe Liu and Matt Durot for Forbes US – translated by Lisa Deleforterie
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