Elon Musk's Wealth Surges Past US$500 Billion, Making Him First Trillionaire
Elon Musk's wealth has soared past the US$500 billion mark, making him the first person to achieve this feat. The Tesla board has proposed a compensation package for Musk valued at US$1 trillion, with investors showing renewed confidence in the company.
Musk's fortune has been boosted by a recovery in Tesla stock and rising valuations of his private ventures. Tesla stock climbed 3.3% on Wednesday, adding over US$6 billion to Musk's personal holdings. This increase comes despite headwinds facing Tesla, such as weaker vehicle sales and ongoing margin pressure.
SpaceX, one of Musk's private firms, has been in talks over fundraising and insider share sales at a valuation near US$400 billion. Another of his private companies, xAI, was valued at about US$75 billion in July and is reportedly eyeing up to US$200 billion in fundraising. Musk owns just over 12.4% of Tesla, with the stock climbing more than 14% so far this year.
The Tesla board has proposed a compensation package for Musk valued at US$1 trillion, with demanding targets. Investors have warmed to Tesla after signs that Musk has refocused on the company. Despite challenges, Tesla stock and Musk's private ventures continue to surge, contributing to his record-breaking net worth.
