Elon Musk becomes first person ever with $600 billion fortune

Bloomberg’s Billionaires Index calculated Musk’s net worth at $638 billion

Elon Musk has become the first person in history to reach a net worth of $600 billion, fueled by reports that his space startup, SpaceX, plans an $800 billion initial public offering (IPO).

The world’s richest man owns about a 42% stake in SpaceX, which is preparing to go public next year.

According to Forbes estimates, Musk’s fortune rose by $168 billion on Monday to roughly $677 billion, after surpassing the $500 billion mark last October.

Meanwhile, Bloomberg’s Billionaires Index calculated Musk’s net worth at $638 billion, up $167 billion.

Musk’s wealth also received a boost from his 12% stake in Tesla, whose shares have risen about 13% so far this year despite declining sales.

Tesla’s stock climbed 3.56% on Wall Street on Monday to close at $475.31 after Musk said the company is testing autonomous taxis without a human safety monitor in the front seat.