Elon Musk Rewrites Billionaire History, Now N500bn Richer Than World 2nd Wealthiest Man
- Elon Musk’s net worth continues to increase at an unprecedented pace, bringing him closer to being worth $1 trillion
- New data shows he is now nearly $500 billion richer than Google co-founder Larry Page, the world’s second-richest man
- The surge was driven by SpaceX’s rising valuation, speculation about a possible public offering, and the re-granting of Tesla stock options
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Elon Musk has become the first person in history to have a net worth exceeding $700 billion, days after crossing N600 billion.
According to Forbes Musk's fortune climbed to an estimated $749 billion on Friday, December 19, fuelling speculation about when he might become the first trillionaire.
Source: Getty Images
How Elon Musk's wealth increased to over N700 billion?
The surge in his wealth comes after the Delaware Supreme Court overturned a lower court ruling that had voided an award of Tesla stock options now worth $139 billion.
Forbes estimates that Musk’s net worth increased by $69.5 billion after the court ruling, which removed a previous 50% discount applied to the options.
Musk owns 12% of Tesla’s common stock, valued at $199 billion, bringing the total value of his Tesla holdings to $338 billion.
This does not include a record-breaking pay package awarded in November, which could provide up to $1 trillion in additional stock if Tesla achieves performance milestones, including growing its market cap more than eightfold over the next decade.
SpaceX, Musk’s second most valuable asset, is now valued at $336 billion, based on a recent private tender offer that valued the rocket maker at $800 billion, up from $400 billion in August.
Analysts say SpaceX could play a key role in making Musk the world’s first trillionaire if the company completes a planned IPO in 2026, potentially valuing it at $1.5 trillion.
Source: UGC
Musk widens lead over global billionaires
With his net worth now standing at $749 billion, Musk’s fortune surpasses that of Google co-founder Larry Page, the world’s second-richest person, by nearly $500 billion.
World’s 10 Richest People (Forbes)
- Elon Musk: $748.9 billion
- Larry Page: $252.6 billion
- Larry Ellison: $242.7 billion
- Jeff Bezos: $239.4 billion
- Sergey Brin: $233.1 billion
- Mark Zuckerberg: $225.8 billion
- Bernard Arnault & family: $190.3 billion
- Jensen Huang: $157.2 billion
- Steve Ballmer: $147.8 billion
- Warren Buffett: $147.1 billion
Selected Nigerian Billionaires
- Aliko Dangote: $25.5 billion (Global ranking 92)
- Abdulsamad Rabiu: $8.8 billion (Global ranking 377)
- Femi Otedola: $1.5 billion (Global ranking 2343)
Zuckerberg becomes world’s 5th richest man
Earlier, Legit.ng Mark Zuckerberg has climbed to become the world’s fifth-richest person, according to the latest Forbes and Bloomberg Billionaires Index rankings.
The Meta Platforms chief executive and Facebook founder rose up the wealth rankings after a strong rally in Meta’s share price, which significantly boosted his fortune in 2023. His gains pushed Microsoft co-founder Bill Gates down the list.
Forbes Real-Time Billionaires data estimates Zuckerberg’s net worth at about $130.2 billion, ahead of Gates, whose fortune stands at roughly $119 billion.
Source: Legit.ng
