Elon Musk becomes first person worth US$700 billion after court reinstates Tesla pay package
WASHINGTON: Tesla chief executive Elon Musk has become the first person in the world with a net worth above US$700 billion, after a US court reinstated a massive stock-based pay package, according to Forbes.
Forbes’ billionaires index showed Musk’s fortune climbing to about US$749 billion late Friday (Dec 20), after the Delaware Supreme Court restored Tesla stock options worth roughly US$139 billion.
The ruling overturned a lower court decision last year that had voided Musk’s 2018 compensation deal, which was once valued at US$56 billion. The Supreme Court said a 2024 judgment that rescinded the package had been improper and unfair to Musk.
PAY PACKAGE REINSTATED
Earlier this week, Musk became the first person to surpass US$600 billion in net worth, fuelled by reports that his aerospace company SpaceX could move toward a public listing.
In November, Tesla shareholders also approved a separate pay package for Musk valued at around US$1 trillion, the largest corporate compensation plan ever. Investors backed the proposal as an endorsement of Musk’s vision to transform Tesla from an electric vehicle maker into a company focused on artificial intelligence and robotics.
Musk’s fortune now exceeds that of Google co-founder Larry Page, the world’s second-richest person, by nearly US$500 billion, according to Forbes.
His wealth surge reflects rising investor optimism around Tesla’s long-term prospects, SpaceX’s valuation and enthusiasm for AI-related technologies, even as Musk’s compensation and influence continue to draw scrutiny and legal challenges.
