Musk's personal net worth skyrocketed to $749 billion, making him the first individual in human history to exceed a net worth of $700 billion.
This milestone wealth increase is due to a ruling from the Delaware Supreme Court that reinstated previously revoked Tesla stock options valued at $139 billion.
According to reports, the Delaware Supreme Court ruled on Friday to restore Musk's compensation plan obtained in 2018. This compensation plan was initially valued at $56 billion and had been dismissed by a lower court two years ago on the grounds of being "unfathomable."
The Supreme Court stated in its ruling that the decision to revoke the compensation plan in 2024 is improper and unfair to Musk. This ruling caused Musk's net worth to surge by $139 billion in a single day.
According to Forbes' billionaire list, Musk's wealth has now surpassed that of the world's second richest person, Google co-founder Larry Page, by nearly $500 billion, further solidifying his position as the richest person in the world.
01 The compensation plan has gone through ups and downs
Musk's 2018 compensation plan has undergone a convoluted judicial review process since its establishment.
The plan was ruled invalid by a lower court in Delaware two years ago, which found the compensation arrangement to be overly large and procedurally problematic.
The latest ruling from the Delaware Supreme Court overturned the lower court's decision.
As Tesla's stock price rises, the current value of the compensation plan has grown from an initial $56 billion to $139 billion.
02 'Richest' wealth accumulates rapidly
Earlier this week, Musk became the first individual in history to surpass a net worth of $600 billion.
Factors driving this breakthrough include reports that his aerospace startup SpaceX may go public.
Reports indicate that SpaceX is planning an internal share sale, with the company's valuation expected to reach $800 billion, making it the highest-valued private company in the world, and its subsequent IPO may also set historical records. In less than six years, SpaceX's valuation has grown more than 22 times from $36 billion in March 2020.
In November 2023, Tesla shareholders approved a $1 trillion compensation plan, the largest corporate compensation scheme in history.
Investors expressed their recognition of Musk's vision to transform the electric vehicle manufacturer into a giant in artificial intelligence and robotics.
03 Wealth gap continues to widen
According to Forbes, the wealth gap between Musk and the second richest person has reached nearly $500 billion, creating the largest wealth gap on the global billionaire list.
This gap is roughly equivalent to the annual GDP of a medium-sized developed country.
Musk's wealth mainly comes from his holdings in Tesla shares and SpaceX equity, with Tesla's strong stock performance this year being the primary driver of his rapid net worth growth.
Follow me, and you can get rich!