Entrepreneur Elon Musk has become the first person whose net worth, according to Forbes, has surpassed $600 billion, according to calculations published on Monday, reports LETA citing DPA.
The increase in wealth was due to some employees and investors recently selling shares of Musk's space company SpaceX. Forbes used the price of these transactions to estimate the overall value of the company, which in turn increased the estimated value of Musk's stake.
Just a few hours earlier, Forbes had estimated Musk's net worth at around $500 billion.
Musk's wealth is primarily tied to his stakes in electric vehicle manufacturer Tesla and SpaceX. Unlike Tesla, SpaceX is a private company, so its value is not determined by a public stock price. In such cases, valuations are based on funding rounds or the sale of shares by employees and can vary significantly from the potential market value.
Based on the price at which employees were able to sell their shares, Forbes estimated the total value of SpaceX at $800 billion compared to a previous estimate of $400 billion. Since Musk owns about 40% of SpaceX, the revised estimate increased his estimated net worth to $677 billion.
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