MBABANE: Elon Musk just became the first person ever worth $800 billion or more after his rocket maker SpaceX acquired his artificial intelligence and social media company xAI, Forbes reported this week.
Forbes estimates that the deal, which values the combined company at $1.25 trillion, boosted Musk’s fortune by $84 billion, to a record $852 billion.
“Before the deal, Musk owned an estimated 42% stake in SpaceX worth $336 billion, based on a tender offer launched in December that valued the privately-held rocket maker at $800 billion. He also owned an estimated 49% stake in xAI worth $122 billion, based on a private fundraising round that valued that company at $250 billion earlier this month. After the merger, which valued SpaceX at $1 trillion and xAI at $250 billion, Forbes estimates that Musk now owns a 43% stake in the combined company worth $542 billion. That makes SpaceX Musk’s most valuable asset by far. He also owns a 12% stake in Tesla worth $178 billion and Tesla stock options worth another $124 billion. That doesn’t include the record-breaking pay package Tesla shareholders approved in November that could give Musk up to $1 trillion in additional stock (before taxes and the cost of unlocking the restricted shares) if Tesla achieves “Mars shot” performance milestones like growing its market cap more than eightfold over the next 10 years,” reads the Forbes report in part.
Elon Musk (Getty Images).