Elon Musk just got a $138 billion pay day—sort of. What to know.

With a shareholder-approved 2025 plan, reinstated 2018 options, and recent xAI and SpaceX business wins, Musk has had an unprecedented year. Its value is around $640 billion by 2025, increasing by more than $200 billion. That doesn’t even take into account the approximately 425 million restricted shares granted by Tesla shareholders in the 2025 salary award.