Elon Musk becomes first person to cross $900 billion in net worth following pay package ruling
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Elon Musk at the US-Saudi Investment Forum in Washington, DC on Nov 19.
PHOTO: REUTERS
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Tesla chief executive Elon Musk’s net worth surged to US$749 billion (S$968 billion) late on Dec 19 after the Delaware Supreme Court reinstated Tesla stock options worth US$139 billion
Mr Musk’s 2018 pay package, once worth US$56 billion, was restored by the Delaware Supreme Court on Dec 19, two years after a lower court struck down the compensation deal as “unfathomable”.
The Supreme Court said that a 2024 ruling that rescinded the pay package had been improper and inequitable to Mr Musk.
Earlier this week, Mr Musk became the first person ever to surpass US$600 billion in net worth on the heels of reports that his aerospace start-up SpaceX was likely to go public.
In November, Tesla shareholders separately approved a US$1 trillion pay plan for Mr Musk, the largest corporate pay package in history, as investors endorsed his vision of morphing the EV maker into an AI and robotics juggernaut.
Mr Musk’s fortune now exceeds that of Google co-founder Larry Page, the world’s second-richest person, by nearly US$500 billion, according to Forbes’ billionaires list. REUTERS
