Dec 18, 2024 04:58 AM IST
Musk is CEO of Tesla, the top carmaker, and leads SpaceX, contracted by NASA. He also owns X, the social media platform, previously known as Twitter.
Tesla CEO Elon Musk‘s net worth reached a record high of $500 billion on Tuesday, becoming the first person in history to achieve such wealth, according to the Bloomberg Billionaires Index.
Musk is the CEO of Tesla, the world’s most valuable carmaker, which sells electric vehicles and solar batteries. He also leads SpaceX, a rocket manufacturer contracted by NASA to resupply the space station, and owns X, the social media platform formerly Twitter. Additionally, Musk heads other ventures like Neuralink, xAI, and the Boring Company.
Earlier, on December 11, CNN reported that Musk’s net worth had reached $400 billion, making him the first to surpass that milestone.
Musk’s holdings in Tesla and his other companies
Bloomberg reported that Elon Musk owns approximately 13% of Tesla, citing the company’s 2024 proxy statement. He also holds around 304 million exercisable stock options from his 2018 compensation package. SpaceX, valued at nearly $350 billion in a December 2024 tender offer, has Musk owning about 42% through a trust, according to a December 2022 FCC filing and Bloomberg’s dilution calculations.
Musk is estimated to own 79% of X Corp, previously Twitter, after acquiring it for $44 billion in 2022. The company’s value has since dropped by about 72%, based on the carrying value assigned by Fidelity Blue Chip Growth Fund in their October 2024 filing.
Musk’s stakes in Neuralink, xAI, and The Boring Company are valued using news reports, data from Pitchbook, and figures from their most recent funding rounds, with a 15% liquidity discount applied.
Musk, who has expressed plans to retire on Mars, became a member of Warren Buffett’s Giving Pledge in April 2012.
Tesla became the world’s most valuable carmaker in July 2020, and Musk’s wealth soared, making him the world’s richest person by January 2021. In October 2021, he announced Tesla’s headquarters would relocate from Palo Alto, California, to Austin, Texas.
In April 2022, Musk made an offer to buy Twitter for $44 billion after acquiring a stake in the company. After months of attempting to back out, he completed the purchase in October 2022 and rebranded the company as X Corp. in April 2023.
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