Elon Musk’s net worth exceeds US$600 billion, driven by a revaluation of his private SpaceX holdings, according to Forbes estimates.
NEW YORK: Elon Musk has become the first person to reach an estimated net worth of more than US$600 billion.
Forbes magazine published the calculation on Monday, citing a recent sale of shares in Musk’s private space company, SpaceX, by some employees and investors.
The magazine used the transaction price to estimate a higher total value for SpaceX, which in turn boosted its calculation of Musk’s stake.
Just hours earlier, Forbes had placed Musk’s net worth at around US$500 billion.
Musk’s wealth is primarily tied to his holdings in electric carmaker Tesla and SpaceX.
Unlike Tesla, SpaceX is privately held, meaning its value is not determined by a public share price.
In such cases, valuations are based on financing rounds or employee stock sales and can vary significantly from eventual market value.
Based on the price employees sold their shares, Forbes calculated a total SpaceX value of US$800 billion, up from its previous estimate of US$400 billion.
With Musk owning roughly 40% of SpaceX, the revised valuation boosted his estimated net worth to US$677 billion. – Bernama-dpa
