The world’s richest man, Elon Musk, added another $168 billion to his fortune, setting new standards for ultra-wealthy individuals.

Musk’s Soaring Net Worth

Musk’s net worth skyrocketed to $638 billion on Monday, making him the first individual to surpass $600 billion on Bloomberg’s wealth index.

His wealth multiplied significantly after his aerospace company, SpaceX, hit an $800 billion market cap, becoming the most valuable private company globally. With a 42% stake in SpaceX, Musk’s fortune soared.

Comparison With Fellow Billionaires

Even the likes of Oracle co-founder Larry Ellison and Google co-founder Larry Page can’t keep pace with Musk’s staggering wealth growth. And with Musk’s $1 trillion Tesla pay package coming into effect, Musk stands head and shoulders above his peers.

Musk’s Journey to Becoming the Richest Person

Musk, who was added to Bloomberg’s index in 2013 with a net worth of $4.8 billion, reached a milestone in 2020 when his wealth crossed $100 billion. This increase was largely due to SpaceX and Tesla’s blooming valuations. He has managed to multiply his wealth six times in the last five years, adding around $100 billion annually.

Born into affluence in South Africa, Musk had his first financial breakthrough in his early twenties. His first company, Zip2, sold for $307 million in 1999. Later, he co-founded X.com, which later merged with PayPal’s parent company Cofinity and was subsequently bought by eBay for $1.5 billion in 2002.

Not resting on his laurels, Musk invested in and founded several other companies, including SpaceX, Neuralink, The Boring Company, and a $44 billion acquisition of Twitter in 2022. However, the majority of Musk’s wealth comes from his substantial stakes in Tesla and SpaceX.

Criticism Surrounding Musk’s $1 Trillion Pay Package

Musk’s unprecedented $1 trillion pay package, granted if Tesla reaches certain milestones over the next decade, has attracted criticism from various quarters. Even Pope Leo XIV has expressed concern over the growing income inequality in the business world.

With Musk’s wealth continuing to rise, he remains a fascinating figure in the world of business and beyond.

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