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The entrepreneur Elon Musk became the first person to surpass 700 billion dollars in net worth, after his fortune rose to 749 billion on Friday night.
According to the billionaire index of Forbes, following a ruling by the Delaware Supreme Court that reinstated Tesla stock options valued at 139 billion dollars.
The rebound occurred after Delaware's highest court overturned the decision that had annulled Musk's 2018 compensation package—at one point valued at $56 billion—considering that the 2024 ruling that rescinded that plan had been "inappropriate and inequitable" for the executive.
According to the reports cited, the package was restored two years after a lower court rejected it as "unbelievable," and the reinstatement of those options accounts for the surge that led Musk to surpass the threshold of $700 billion.
The new brand arrives just days after another milestone: earlier that same week, Musk had already been the first to exceed 600 billion dollars in net worth, driven by reports that his aerospace company SpaceX would likely go public with a valuation of 800 billion dollars.
In that second report, it is noted that Musk was also the first to exceed $500 billion in October, and that his wealth was bolstered by his estimated 42% stake in SpaceX and around 12% in Tesla, whose shares had risen 13% so far this year, despite a decline in sales.
The text adds that, in November, the shareholders of Tesla approved a separate payment plan amounting to one billion dollars for Musk, described as the largest corporate salary package in history, and that the entrepreneur's fortune—according to that reference—exceeds that of Google co-founder Larry Page by nearly 500 billion, placing him as the second richest person.
Tesla's shareholders approved in November a record compensation package valued at $1 billion in stock for its CEO, Elon Musk, reinforcing his control over the electric vehicle manufacturer.
The proposal was approved by more than 75% of the shareholders, despite the opposition from several institutional funds that had questioned the scale and the conditions of the plan.
The board of directors allowed Musk, who already owned about 15% of the company's shares, to participate in the vote.
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