Elon Musk Reclaims Title of World's Richest Person with xAI Launch
Elon Musk has reclaimed the title of the world's richest person over the Memorial Day weekend by announcing his new AI startup, xAI, which raised $6 billion in a pre-money valuation of $18 billion. This pushed Musk’s net worth to a total of $209.2 billion, surpassing Bernard Arnault at $199.3 billion and making Musk the richest person in the world, again. Arnault dropped to third place while Jeff Bezos leapt into the second slot with an estimated $199.9 billion.
Forbes Estimates and Musk's Financial Holdings
Forbes has estimated that Elon Musk’s 60% stake in xAI would be worth $14.4 billion following a recent deal involving investors from his Twitter acquisition. Much of Musk’s fortune is tied to his 12% stake in Tesla Motor Company and a 42% stake in SpaceX, each of these companies valued at approximately $75 billion.
Forbes estimates that the 74% stake Musk has in his social media company X to be approximately $7 billion, which represents a 70% drop from his 2022 purchase price. Variability and fluctuations in the stock price of Tesla, as well as SpaceX, have kept Musk and Arnault leapfrogging in the world's top spot.
Legal and Financial Developments
In late January of this year, a Delaware judge invalidated a nearly $50 billion performance-based Tesla stock option package granted to Musk in 2018, ruling that the award process was unfair. Tesla shareholders will have an opportunity to vote on re-approving Musk's options on June 13. SpaceX's valuation is at $200 billion, which is an increase from $180 billion in December 2023.
Other Notable Billionaires
Other notable numbers in the top tier include Mark Zuckerberg at $166.4 billion, Larry Page at $145.5 billion, Warren Buffett at $133 billion, Bill Gates at $129.8 billion, Sergey Brin with a net worth of $139.4 billion, and Larry Ellison at $153.2 billion to round out the top tier.
Anyone interested in joining the top ranks should note that many of these entrepreneurs are focused on the technology industry. The first trillionaire will undoubtedly be tied to artificial intelligence in some capacity.
Personal Lives and Financial Impacts
Also, folks remember how important love is. Several of these gentlemen have been divorced; Musk has been married three times, Sergey Brin has a second wife, Bill Gates has been divorced, and Ellison is on his fourth wife. Their numbers would likely be significantly higher without a divorce.
Elon Musk’s latest venture with xAI demonstrates the continued dominance of the technology industry in shaping global wealth rankings. With fluctuations in stock prices and new business ventures, the landscape of the world’s richest individuals remains dynamic and ever-changing.
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