Elon Musk's net worth has exceeded $700 billion for the first time

The net worth of Tesla and SpaceX founder Elon Musk has surpassed $700 billion, making him the richest person in the world and the first in history to reach this milestone. The increase in his capital followed a decision by the Delaware Supreme Court, which reinstated Tesla's stock compensation package, previously overturned by a lower court.

This refers to a long-term stock option package tied to the achievement of key financial and operational performance metrics of the company. Following the court ruling, the value of this package is estimated at approximately $139 billion, significantly boosting Musk's overall net worth.

Additional factors driving the growth include expectations surrounding a potential SpaceX IPO and the ongoing rise in the company's valuation on the private market. A substantial portion of Musk's wealth continues to consist of his Tesla and SpaceX stock holdings.

According to billionaire rankings, Musk significantly outpaces other contenders on the list of the world's richest people, widening his lead over the closest competitors by hundreds of billions of dollars.

Source: Reuters