Billionaire entrepreneur and Tesla Inc. (NASDAQ:TSLA) CEO, Elon Musk, reached another personal wealth milestone, with the valuation of his privately held space transportation company, SpaceX, soaring to record new highs, ahead of a planned public offering in 2026.
Step Closer To A Trillion
On Monday, Musk’s net worth touched $677 billion, becoming the first person ever to be worth $600 billion or more, according to a report by Forbes.
This comes just months after Musk hit the $500 billion milestone earlier this year, becoming the first person to ever hit this mark. Already the world’s richest person, Musk now holds a fortune worth more than twice that of Google co-founder Larry Page, who ranks second on the Forbes list with an estimated net worth of $253.3 billion.
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Musk’s wealth soared by $168 billion after SpaceX launched a tender offer valuing the company at $800 billion, up from $400 billion in July this year.
SpaceX, where Musk is the single-largest shareholder with an estimated 42% stake, has taken another step toward a public debut by launching a tender offer earlier this month, allowing early investors and employees to cash out portions of their holdings.
The public offering slated for 2026 could value the company at a mammoth $1.5 trillion, making it the largest offering in market history, and Musk the world’s first trillionaire.
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Musk’s Trillion-Dollar Pay Package
Even excluding his SpaceX holdings, Musk could still be in line for a windfall approaching $1 trillion from Tesla, after shareholders approved the largest executive compensation package in corporate history last month.
The compensation plan consists of 12 tiered tranches of restricted stock that vest as Tesla hits increasingly ambitious operational and market-cap milestones under Musk’s leadership. These targets begin at a $2 trillion valuation and scale up to $8.5 trillion, a roughly 455% upside from the company’s current market capitalization of $1.53 trillion.
Tesla shares were up 3.56% on Monday, closing at $475.31, and are down 1% in pre-market. The stock scores high on Momentum and Quality in Benzinga’s Edge Stock Rankings, with a favorable price trend in the short, medium and long terms. Click here for deeper insights into the stock, its peers and competitors.
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This article Elon Musk’s Net Worth Soars To $677 Billion Ahead of SpaceX’s IPO: Tesla CEO Now Closer To Becoming World’s First Trillionaire originally appeared on Benzinga.com