Elon Musk regains the title of the world's richest person, surpassing Bernard Arnault and Jeff Bezos with a net worth of $209 billion. Musk's AI startup, xAI, raises $6 billion, bolstering his fortunes alongside stakes in Tesla and SpaceX. Challenges loom with Tesla stock options invalidated, but SpaceX aims for a $200 billion valuation.
Over Memorial Day weekend, Elon Musk surged back to the top of the global wealth rankings, propelled by the success of his new AI venture, xAI. With a staggering $6 billion raised at a pre-money valuation of $18 billion, Musk's net worth soared to $209.2 billion, surpassing Bernard Arnault and Jeff Bezos.
Forbes estimates Musk's 60% stake in xAI to be valued at $14.4 billion, partly due to investors from his recent $44 billion Twitter acquisition. However, Musk's primary fortunes lie in Tesla and SpaceX, with his stakes in each accounting for approximately $75 billion.
Despite this triumph, challenges persist. A Delaware judge's ruling invalidated nearly $50 billion in performance-based Tesla stock options granted to Musk in 2018, dampening his prospects temporarily. Shareholders are set to vote on reapproving Musk's options, which Forbes slashed by 50% post-ruling, on June 13. Meanwhile, SpaceX aims for a valuation of $200 billion, indicative of Musk's continued ambition and the market's response.
Musk's resurgence highlights the dynamic nature of wealth accumulation in today's economy, with tech titans constantly jockeying for position atop the billionaire rankings.
