Elon Musk has become the first person to reach an estimated net worth of more than $600 billion, according to calculations by Forbes magazine published on Monday.
The increase was driven by the recent sale of shares in Musk's space company SpaceX by some employees and investors. Forbes used the price set in the transactions to estimate a higher total value for the company, which in turn boosted its calculation of Musk's stake.
Just hours earlier, Forbes had placed Musk's net worth at around $500billion.
Musk's wealth is primarily tied to his holdings in electric carmaker Tesla and SpaceX. Unlike Tesla, SpaceX is privately held, meaning its value is not determined by a public share price. In such cases,valuations are based on financing rounds or employee stock sales and can vary significantly from eventual market value.
Based on the price employees were able to sell their shares, Forbes calculated a total SpaceX value of $800 billion, up from its previous estimate of $400 billion. With Musk owning roughly 40% of SpaceX,Forbes' revised valuation boosted his estimated net worth to $677billion.
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