Elon Musk tops $US600 billion in Forbes estimate
Elon Musk has become the first person with an estimated net worth to surpass $600 billion ($A902 billion), according to Forbes magazine.
The increase was due to the recent sale of shares in Musk’s space company SpaceX by some employees and investors. Forbes used the price set in the transactions to estimate a higher overall value for the company, boosting its calculation of Musk’s stake.
Just a few hours ago, Forbes reported that Musk’s net worth was around $500 billion.
Musk’s fortune depends primarily on his stakes in electric car makers Tesla and SpaceX.
Unlike Tesla, SpaceX is a private company, meaning its value is not determined by a publicly traded share price. In such cases, valuations are based on financing rounds or employee share sales and may differ significantly from the final market value.
Forbes calculated the total value of SpaceX at $800 billion, down from its previous estimate of $400 billion, based on the price at which employees could sell their shares.
Because Musk owns nearly 40 percent of SpaceX, Forbes’ revised valuation puts his estimated net worth at $677 billion.
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