Amazing! Elon Musk’s Net Worth Increase: Know all the details
Elon Musk: Tesla and space X owner Elon musk world’s richest man in the year of 2021. Now his net worth is crossed 700 billion dollar in first time and he make a history. By the way, after court’s dicisions , Elon Musk achieved this major victory.
The Delaware Supreme Court reinstated the $139 billion Tesla stock options that were canceled last year. Following this decision, Musk’s net worth increased to approximately $749 billion late Friday night.
What was the case? In 2018, Tesla offered him a $55 billion compensation package to take the company to new heights. He was supposed to receive this money, but didn’t. At that time, Tesla’s situation wasn’t what it is now; its market valuation was around $50 to $75 billion. Moreover, the company was continuously spending money on the production of electric vehicles. The company’s board then set several ambitious targets, and it was agreed that Musk would receive the package only after these targets were met.
After that, Tesla’s situation improved. Production increased, the company’s market capitalization grew, and Musk became entitled to his salary package as per the agreed-upon targets. However, the matter went awry when, in January 2024, a Tesla shareholder challenged this package in a lower court. The court then canceled the package, stating that it had been improperly determined.
Angry with the decision, Musk decided to re-register Tesla from Delaware to Texas, and the case reached the Delaware Supreme Court, which has now overturned the lower court’s decision, citing several errors and reinstating the package.
Earlier this week, amid news of an IPO for his aerospace startup SpaceX, Musk’s net worth surpassed $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 exchange for his vision of transforming Tesla into an artificial intelligence and robotics powerhouse. According to Forbes, Musk’s wealth is now approximately $500 billion more than that of Larry Page, the world’s second richest person.
