Elon Musk, CEO of Tesla and SpaceX, became the first person in history to surpass the $700 billion mark, with his personal net worth reaching $749 billion.
According to Forbes, this significant jump in Musk’s wealth came after the Delaware Supreme Court overturned a lower court ruling last year.
The lower court had invalidated Tesla’s compensation package worth about $139 billion in stock, which was worth about $56 billion in 2018, calling it “unthinkable.”
The Delaware Supreme Court ruled that the complete cancellation of the compensation package was “unfair,” leaving Musk without compensation for his six years of efforts.
This event not only solidified Musk as the richest person in the world, but also brought his gap with second-place billionaire Larry Page, co-founder of Google, to nearly $500 billion.
Musk had previously become the first person with a net worth of more than $600 billion earlier this week amid reports of a possible public offering of SpaceX.
Also in November, Tesla shareholders approved a new compensation package for him, potentially worth $1 trillion.
These developments solidify Musk’s position at the top of the world’s richest list and bring him closer to becoming the first trillionaire in history
