According to Forbes’s billionaires index, the Tesla chief executive’s net worth climbed to $749bn (£559bn), making him the first individual to cross the $700bn milestone. The index shows Musk is already about $500bn (£373bn) richer than the second-richest person, Google co-founder Larry Page.
This sharp rise followed a ruling by the Delaware Supreme Court, which reinstated Musk’s 2018 Tesla stock options worth $139bn (£103bn). These options had been cancelled last year after a lower court blocked the pay package.
In 2018, Musk was awarded a compensation plan that included stock options valued at $56bn (£41bn) at the time. However, a lower court struck it down in 2024, calling the package “unfathomable”. Judge Kathaleen McCormick ruled that Tesla’s directors were conflicted and that key information was not properly disclosed to shareholders.
On Friday, the state supreme court overturned that decision, stating that cancelling the pay package left the Tesla boss “uncompensated for his time and efforts over a period of six years” and described the earlier ruling as improper and inequitable.
Musk did not issue a formal statement, but reacted on his social media platform X by saying he was “vindicated”.
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If Musk exercises all stock options from the 2018 deal, his ownership in Tesla would rise from about 12.4% to 18.1% of an expanded share base.
The 2018 deal was Tesla’s largest pay package until the company approved a new plan in November worth up to $1trn (£747bn). The package was backed by 75% of shareholders but depends on Musk achieving major targets over the next decade.
These include producing 20 million Tesla vehicles and one million robots, securing 10 million self-driving subscriptions, launching one million robotaxis, earning up to $400bn in core profit, and pushing Tesla’s market value to $8.5trn.
Under the agreement, Musk will not take a salary. However, if all goals are met, he would receive more than 400 million additional Tesla shares. At the target valuation, those shares alone would be worth around $1trn. Tesla is currently valued at $1.51trn (£1.12trn).
Elon Musk’s wealth rise shows how court rulings and stock rewards can reshape fortunes overnight. If Tesla meets future targets, Musk could make history as the first trillionaire. Much now depends on Tesla’s performance in the coming decade.
