Elon Musk: Tesla and SpaceX CEO Elon Musk has remained the richest man in the world since 2021. He is the first person in history whose net worth has now crossed the $700 billion mark. After a court decision, Elon Musk achieved this big victory.
In fact, the Delaware Supreme Court reinstated the $139 billion Tesla stock options that were canceled last year. After this decision, Musk’s net worth increased to approximately 749 billion dollars late on Friday night.
What was the matter?
In the year 2018, Tesla gave him a salary package of 55 billion dollars to take the company to a new level. He was supposed to get this money then, but did not get it. At that time, Tesla’s condition was not like it is now, its market valuation was around 50 to 75 billion dollars. On top of that, the company had to continuously spend money in the production of electric vehicles. Then the company’s board set many bigger targets and only after their completion, Musk was told to get money under the package.
Time passed and Tesla’s condition also improved. Production increased, the company’s market cap increased and then Musk became entitled to his salary package as per the achievement of the set targets, but the matter went awry when in January 2024, a Tesla shareholder challenged this package in the lower court. Then the court canceled the package saying that it was wrongly decided.
Angered by the decision, Musk decided to re-register Tesla from Delaware to Texas, then the matter reached the Supreme Court of Delaware, which now overturned the lower court’s decision and threw out the package again citing several mistakes in it.
How much more is Musk’s wealth than Larry Page?
Earlier this week, amid reports of aerospace startup SpaceX launching an IPO, Musk’s net worth had increased to more than $600 billion. In November, Tesla shareholders separately approved a $1 trillion pay plan for Musk – the largest corporate pay package in history. This was in lieu of his vision of transforming Tesla into an artificial intelligence and robotics powerhouse. According to Forbes, now Musk’s wealth is about 500 billion dollars more than the world’s second richest person, Larry Page.
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