Elon Musk becomes first person worth $700 billion following pay package ruling
Elon Musk has become the first person to top US$700 billion in net worth after Delaware’s Supreme Court revived a massive Tesla stock-options award that had been cancelled last year, according to the Forbes billionaires index.
Forbes estimated Musk’s fortune at about US$749 billion late Friday, after the ruling reinstated options now valued at roughly US$139 billion.
The award stems from Musk’s 2018 Tesla pay package, which was once estimated at US$56 billion before a lower court struck it down as “unfathomable”.
In its decision, the Supreme Court said a 2024 ruling that rescinded the compensation deal was improper and unfair to Musk.
The jump comes days after Musk reportedly became the first person to surpass US$600 billion, following speculation that SpaceX could move towards an initial public offering. Separately, Tesla shareholders.
Reuters
