Elon Musk becomes the first person in history with a net worth exceeding $600 billion

Elon Musk has set an unprecedented financial record, becoming the first person in history whose net worth has surpassed $600 billion, according to Forbes.

The surge in his wealth is linked to a new valuation of SpaceX. In early December, the company announced a public share buyback offer that valued SpaceX at $800 billion—double its August valuation of $400 billion. Musk owns approximately 42% of SpaceX, which increased his net worth by about $168 billion, bringing it to roughly $677 billion.

According to Forbes, Musk’s stake in SpaceX is now valued at $336 billion, making it his most valuable asset. By comparison, his stake in Tesla is estimated at $197 billion. If SpaceX were to go public at its current valuation, Musk could theoretically become the world’s first trillionaire.

Musk also holds a commanding lead over his closest rival, Google co-founder Larry Page, whose net worth is estimated at $252 billion. The gap between them exceeds $425 billion.

For comparison, Musk’s net worth was under $25 billion as recently as 2020.