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The entrepreneur Elon Musk became the first person to exceed 700 billion dollars in net worth, after his fortune rose to 749 billion on the night of this Friday.
According to the billionaire index of Forbes, following a ruling by the Supreme Court of Delaware that reinstated stock options for Tesla valued at 139 billion dollars.
The rebound occurred after Delaware's highest court reversed the decision that had nullified Musk's 2018 compensation package — which at one point was worth $56 billion — stating that the 2024 ruling that rescinded that plan had been "inappropriate and inequitable" for the executive.
According to the reports cited, the package was reinstated two years after a lower court rejected it, deeming it “inconceivable,” and the restoration 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 become the first to surpass 600 billion dollars in net worth, fueled by reports that his aerospace company SpaceX was likely to go public with a valuation of 800 billion dollars.
The second report indicates that Musk was also the first to surpass $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 separately a payment plan of one billion dollars for Musk, described as the largest corporate salary package in history, and that the entrepreneur's fortune —according to that reference— surpasses by nearly 500 billion that of Google co-founder Larry Page, who is ranked as the second richest person.
Tesla's shareholders approved in November a record compensation package valued at $1 billion in stock for their CEO, Elon Musk, which reinforced his control over the electric car 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 allowed Musk, who already owned about 15% of the company's shares, to participate in the vote.
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