Elon Musk becomes first person worth US$700 billion after court reinstates Tesla pay package
· CNA · JoinRead a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST
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 The Supreme Court said a 2024 judgment that rescinded the package had been improper and unfair to Musk.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.
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app