Elon Musk Becomes First Person in History to Be Worth Over $800bn, Dangote Gets New Ranking
- Elon Musk set a new world wealth record as its net worth surpassed $800 billion
- The rise in its net worth followed the merger of SpaceX and xAI, which boosted Musk’s holdings by about $84 billion
- Musk now holds a historic lead over other global billionaires, just as Africa’s richest man, Aliko Dangote, net worth rose
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Legit.ng journalist Dave Ibemere has over a decade of experience covering business, markets, and Nigeria’s economy
Elon Musk has become the first person in history to be worth more than $800 billion, following a landmark deal that reshaped his business empire.
According to Forbes, Musk’s net worth jumped to an estimated $852 billion after SpaceX acquired his artificial intelligence and social media company, xAI, in a transaction that values the combined firm at $1.25 trillion.
Source: Getty Images
Elon Musk’s wealth surges past $800 billion
Elon Musk became the first person ever worth $800 billion after SpaceX acquired his AI and social media company xAI.
Forbes estimates the deal, which values the combined company at $1.25 trillion, boosted Musk’s fortune by $84 billion to $852 billion.
Before the merger, Musk owned 42% of SpaceX, worth $336 billion, and 49% of xAI, valued at $122 billion. After combining the companies.
SpaceX at $1 trillion and xAI at $250 billion, he now holds a 43% stake in the $1.25 trillion entity, worth about $542 billion.
SpaceX is Musk’s most valuable asset. He also owns 12% of Tesla, valued at $178 billion, plus $124 billion in stock options, not counting a shareholder-approved pay package that could add $1 trillion if Tesla meets ambitious growth targets.
This is the second merger of Musk’s companies in less than a year.
Last March, xAI merged with X (formerly Twitter), raising questions about valuations. With all his companies now under SpaceX, a planned IPO later this year will put them under public scrutiny.
Source: Getty Images
Musk widens lead over global billionaires
With his net worth now standing at over $800 billion, Musk has opened a historic gap between himself and every other billionaire worldwide.
World’s richest people (Forbes)
- Elon Musk: $852.5 billion
- Larry Page: $277.9 billion
- Sergey Brin: $256.3 billion
- Jeff Bezos: $249.3 billion
- Mark Zuckerberg: $237 billion
- Larry Ellison: $199.9 billion
- Bernard Arnault and family: $162.8 billion
- Jensen Huang: $156.6 billion
- Amancio Ortega: $146.4 billion
- Warren Buffett: $146 billion
Selected Nigerian billionaires
Meanwhile, Africa’s richest man, Aliko Dangote, has received a new global ranking on the Forbes list.
Dangote is ranked 85th worldwide with a net worth of $26.3 billion, built mainly on cement and sugar businesses.
Other Nigerians on the list include:
- Abdulsamad Rabiu : $10 billion (Global ranking 320)
- Mike Adenuga: $6.4 billion (Global ranking 616)
- Femi Otedola: $1.6 billion (Global ranking 2,296)
Otedola makes N1 trillion
Earlier, Legit.ng reported that Nigerian billionaire Femi Otedola sold his controlling stake in Geregu Power Plc in a N1.088 trillion ($750 million) transaction, financed by a consortium of banks led by Zenith Bank Plc.
Amperion Power Distribution Company Ltd, which held nearly 80% of Geregu Power, changed ownership.
MA’AM Energy Ltd, an Abuja-based integrated energy company, acquired a 95% equity interest in Amperion, effectively transferring control of Geregu Power from entities linked to Otedola to MA’AM Energy.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
