Tesla CEO Elon Musk moved a step closer to becoming the world’s first trillionaire after his net worth surged to over $700 billion on December 20. According to Forbes’s Billionaire Index, the Tesla chief executive’s net worth climbed to $749 billion after the Delaware Supreme Court reinstated his 2018 pay package, once worth $56 billion. With this, Musk has become the world’s first-ever person with worth over $700 billion. After a legal battle of nearly two years, the court ruled that rescinding the pay package left the Tesla head “uncompensated for his time and efforts over a period of six years”.
Elon Musk richer than Larry Page, Larry Ellison & Jeff Bezos combined
With total net worth of $749 billion, Elon Musk is richer than the next three tech billionaires on the list combined — Google’s Larry Page (worth $252.6 billion), Oracle’s Larry Ellison (242.7 billion), and Amazon’s Jeff Bezos ($239.4 billion). Musk is nearly $500bn richer than the second-richest, Google co-founder Larry Page.
Reason behind Elon Musk’s surging worth
Elon Musk’s net worth jumped after the Delaware Supreme Court on 19 December (US time) reinstated his Tesla stock options worth $139 billion. These stock awards were originally cancelled last year in January, and the $56 billion pay package approved in 2018 had been tied up in a two-year legal battle. A 2024 ruling then said the compensation plan was “improper and inequitable,” but the court reversed that decision.Announcing the order, the Delaware Supreme Court said:“We reverse the Court of Chancery’s rescission remedy and award $1 in nominal damages. The Plaintiff’s attorneys are awarded fees and expenses based on quantum meruit and a four times multiplier and post-judgment interest on the revised fee award from December 2, 2024. Any disputes regarding fees and expenses should be brought to the Court of Chancery for resolution. Jurisdiction is not retained”.The development comes just days after Musk crossed the $600 billion net-worth mark, helped by reports that SpaceX may go public. Before that, Tesla’s stock also climbed in early November, boosting his wealth even further, after the company’s board approved an unprecedented $1 trillion pay package for Musk.