Elon Musk's Wealth Soars to $500 Billion as Tesla Stock Surges
Elon Musk, the billionaire behind companies like Tesla, SpaceX, and X (formerly Twitter), has seen his wealth soar to new heights. Musk, who took Twitter private in October 2022, is now the largest shareholder and CEO of the online platform. His fortune is primarily derived from Tesla and SpaceX stocks.
Musk's wealth has been on a meteoric rise. In December, he became the first person to surpass $400 billion in wealth rankings, according to Forbes. His fortune was later estimated at $499.1 billion by Forbes and $470 billion by Bloomberg. Musk's current wealth is approximately $500 billion, making it $150 billion more than Oracle co-founder Larry Ellison.
Tesla, one of Musk's flagship companies, has played a significant role in his wealth growth. Initially, Tesla's stock fell due to Musk's proximity to Donald Trump. However, it later recovered and is now poised for further growth. Musk could receive up to 423 million shares under a new Tesla proposal, mostly tied to milestones. This future stock package could be worth around $1 trillion, depending on certain conditions.
Musk's companies also include SpaceX, X (formerly Twitter), xAI, and Neuralink. The significant shareholders behind X and xAI, both led by Musk, primarily include Musk himself and the Kingdom Holding Company.
Shareholders will decide on the Tesla stock proposal at the annual meeting in November. Musk's wealth, primarily from Tesla and SpaceX stocks, continues to grow, making him one of the wealthiest people in the world. His companies, including Tesla, SpaceX, X, xAI, and Neuralink, are at the forefront of innovation in their respective industries.
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