Khaberni - American businessman Elon Musk became the first person in the world whose net worth surpassed $600 billion, according to calculations published by Forbes magazine yesterday, Monday.
This rise was fueled by some employees and investors selling shares of Musk-owned SpaceX.
Forbes based its assessment on the price set in these transactions to estimate a higher value for the company, which in turn led to an increase in the estimated value of Musk's stake in it.
Just a few hours earlier, Forbes had estimated Musk's net worth at about $500 billion.
Musk's wealth is primarily linked to his stakes in electric vehicle company Tesla and SpaceX. Unlike Tesla, SpaceX is a privately held company, not listed on the stock market, which means its value is not determined by a public share price. In such cases, valuations are based on funding rounds or employee stock sales, and they can vary significantly from the actual market value in the future.
Based on the price at which employees were able to sell their shares, Forbes estimated SpaceX's total value at about $800 billion, compared to a previous estimate of $400 billion. With Musk owning about 40% of the company, Forbes raised its estimate of his net worth to approximately $677 billion.
