Elon Musk becomes first person with $600 billion net worth

SpaceX and Tesla CEO Elon Musk who is also the world’s richest person has now reached a historic milestone by becoming the first individual to have the net worth of $600 billion. As reported by Forbes, this increase in Musk’s net worth is driven by the news of SpaceX going public at a valuation of $800 billion. SpaceX CEO already crossed the $500 billion milestone in October this year. Musk reported owns 42% stake in SpaceX which is preparing to go public next year. It is said that SpaceX alone would add around $168 billion to Musk’s net worth. Musk’s wealth, driven by the soaring valuations of Tesla, SpaceX, and his AI ventures, has now crossed the $600 billion mark—more than the GDP of many countries. The achievement cements his position as the wealthiest person in modern history.

SpaceX valuation and Tesla holdings reason behind Elon Musk’s growing wealth

* A recent tender offer valued SpaceX at $800 billion, adding nearly $168 billion to Musk’s wealth in a single day.

* Musk owns an estimated 42% stake in SpaceX, which is preparing for an IPO next year that could value the company at $1.5 trillion.

* This stake alone now accounts for the largest portion of his fortune.

* Musk holds about 12% of Tesla, worth approximately $197 billion, excluding stock options.

* Tesla shares have risen 13% this year, despite slowing sales, further strengthening Musk’s net worth

* Also not to forget, Musk also reportedly own 53% stake which amount to $60 billion in xAI.

Elon Musk feels that money may soon become obsolete

The Forbes report further added that Elon Musk feels that money may soon become obsolete. Speaking at the People by WTF podcast, Musk said, ““I think money disappears as a concept, honestly… If AI and robotics are big enough to satisfy all human needs, then money is no longer necessary. Its relevance declines dramatically.”

Musk believes that in the future robots will build homes, grow food, manufacture goods and also provide healthcare and education at near-zero cost. In such a world, wages and salaries would no longer determine access to resources. He cited Iain M. Banks’ “The Culture” series as the best imagining of this utopian society, where citizens can have virtually anything they want thanks to AI, leaving them free to pursue hobbies and passions instead of work.

AI and robotics can make everyone wealthy; reveals Elon Musk

Musk concluded by underlining his belief that AI and robotics offer a unique path to universal wealth. "There is essentially one way to make everyone wealthy, and that is through AI and robotics," he stated. The Tesla CEO envisions a future where technological innovation provides abundance, freeing people from the constraints of traditional work and redefining the global economy in profound, unprecedented ways. While Musk’s vision is ambitious, he acknowledged that reaching a world where work is optional will require substantial effort. The integration of AI and robotics into everyday life could transform how humans live, work, and interact with resources. With Tesla at the forefront of humanoid robot development, Musk’s predictions highlight a future where technology not only reshapes industries but also addresses long-standing social and economic challenges with greater efficiency.