Elon Musk’s net worth has skyrocketed to over USD 700 billion, making him the first person in history to achieve this feat.
Tesla CEO Elon Musk’s net worth has catapulted to an unprecedented USD 749 billion, making him the first person in history to exceed USD 700 billion in wealth. This remarkable surge follows a major legal victory, as the Delaware Supreme Court reinstated Musk’s controversial 2018 Tesla compensation package.
Restoration of 2018 pay package
The Delaware Supreme Court’s decision reverses a lower court’s ruling from 2024, which had voided the compensation package, labeling it “unfathomable”. The high court deemed the rescission of the deal improper and inequitable, restoring the stock options tied to the pay plan. Originally approved in 2018, Musk’s compensation deal was based entirely on performance milestones for Tesla, granting him stock options worth about USD 56 billion at the time.
Tesla’s stock price fuels Musk’s wealth
Since the deal’s approval, Tesla’s stock price has climbed dramatically, boosting the value of those options to approximately USD 139 billion. This massive increase is a testament to Musk’s vision and leadership, as Tesla has transformed into a global giant in the electric vehicle market.
Earlier this week, Musk also became the first person ever to surpass a USD 600 billion net worth, buoyed in part by speculation that his aerospace company SpaceX may go public, a move that could further elevate his fortune.
Legal battle and shareholder confidence
The legal battle began when a Tesla shareholder sued, alleging the board was too close to Musk when approving the pay plan. Musk appealed, arguing the earlier ruling left him uncompensated for his contributions over six years. The Supreme Court agreed, concluding the total rescission remedy was inappropriate, thereby reinstating the stock-based award.
This ruling comes shortly after Tesla shareholders approved a new compensation plan for Musk, reportedly worth up to USD 1 trillion if ambitious performance targets are met.
Expanding business interests
Musk’s restored wealth now far outstrips that of his closest rival, Google co-founder Larry Page, by nearly $500 billion. His business interests extend beyond Tesla, with ventures like SpaceX, Neuralink, The Boring Company, social platform X, and xAI contributing to his vast and growing financial footprint.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: dnaindia.com
