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Judicial Decision In The USA Changes Elon Musk’s Net Worth Calculation, Puts Tesla Back At The Center Of Wealth And Reinforces The Weight Of SpaceX And xAI, Leading The Entrepreneur To Surpass US$ 700 Billion And Outpace The Annual GDP Of The City Of São Paulo.
Elon Musk surpassed the mark of US$ 700 billion in net worth following a decision by the Delaware Supreme Court that reinstated the compensation package approved by Tesla in 2018.
With the reversal of the previous understanding, according to a report published by Forbes, the entrepreneur’s fortune is now estimated at around US$ 749 billion, a value that now leads the public wealth rankings released so far.
The new level was recorded just days after Musk reached the US$ 600 billion mark.
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The update occurred because the judicial decision eliminated the discount applied since the beginning of 2024 to the value of Tesla stock options granted to the executive, which had been annulled by a lower court in Delaware.
According to the court, the annulment of the package was deemed an inappropriate measure, leading to the reinstatement of the options approved in 2018.
As a result, the value attributed to those stocks was fully re-incorporated into the wealth estimates, following the cumulative appreciation of Tesla’s shares over the past few years.
Delaware Supreme Court Decision And Impact On Tesla
Since January, Forbes had been applying a discount of approximately 50% on these options.
The previous decision by the Delaware Chancery Court had pointed out issues in the process of approving the bonus, particularly regarding Musk’s degree of influence over the company’s board of directors.
The reversal of this understanding resulted in a significant increase in the entrepreneur’s estimated wealth.
With the package reinstated, Tesla once again accounted for the largest share of Musk’s fortune.
In addition to stock options, he maintains a significant stake in the automaker’s common shares, which reinforces the company’s weight in the calculation of his wealth.
The market’s positive reaction to the judicial decision was also reflected in the recent appreciation of the stocks.
The case brought back the debate about the executive’s compensation structure and Tesla’s corporate governance mechanisms.
The value currently attributed to the package does not correspond to the amount estimated at the time of granting, but rather to the result of the accumulated appreciation of the shares since 2018, as pointed out by Forbes in its analysis of the financial effects of the decision.
SpaceX Valued At US$ 800 Billion In The Private Market
Even with Tesla regaining its lead among Musk’s assets, SpaceX remains very close as the primary component of his fortune.
In December, a private share buyback operation valued the aerospace company at around US$ 800 billion, according to a survey released by Forbes based on information from investors.
The valuation reflects the expansion of the company’s activities throughout 2025, including launch contracts and the growth of Starlink.
Despite this, the company has not officially announced plans for an IPO.
Any discussions about an IPO remain limited to market analyses, without a confirmed timeline.
xAI Enters The Calculation With Billion-Dollar Negotiations
Another factor that has begun to influence Musk’s net worth calculation is xAI, an artificial intelligence company formed from the integration of the AI startup with the platform X, formerly Twitter.
In November, reports indicated that the company started negotiations to raise funding with a valuation around US$ 230 billion.
The movement was highlighted by Forbes as yet another relevant driver of appreciation within Musk’s business portfolio.
According to the available information, this movement expanded the entrepreneur’s exposure to the artificial intelligence sector.
Still, there is no detailed public data on financial results.
There is also no precise disclosure regarding Musk’s ownership stake, which limits more accurate estimates of the company’s impact on his fortune.
Musk’s Fortune Surpasses The Annual GDP Of São Paulo
The combination of these assets led analysts and economic outlets to compare the entrepreneur’s wealth with macroeconomic indicators.
Converted to reais by the exchange rate at the end of December, the estimated fortune of US$ 749 billion surpasses the annual Gross Domestic Product of the municipality of São Paulo.
The GDP of the São Paulo capital is calculated at just over R$ 1 trillion based on the most recent data from IBGE.
The comparison was mentioned in analyses published by Forbes to illustrate the scale of the wealth growth observed over the past few years.
In March 2020, Musk had an estimated fortune of just over US$ 20 billion.
The appreciation of Tesla from that period led him to quickly surpass the marks of US$ 100 billion and US$ 200 billion. This movement resulted in his rise to the top of the global ranking in 2021.
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