Business
Elon Musk Becomes First Person Worth $800 Billion
Elon Musk becomes the first person ever worth $800 billion after SpaceX acquires xAI in a $1.25 trillion merger, widening the global wealth gap
Elon Musk has set a new world record, becoming the first person in history to surpass $800 billion in net worth, following the merger of SpaceX and his AI and social media company xAI.
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According to Forbes, Musk’s fortune jumped to $852 billion, an increase of $84 billion, after SpaceX acquired xAI in a deal valuing the combined company at $1.25 trillion.
Before the merger, Musk owned 42% of SpaceX (worth $336 billion) and 49% of xAI (valued at $122 billion).
After the consolidation, he now holds a 43% stake in the $1.25 trillion entity, estimated at $542 billion. SpaceX remains his most valuable asset.
Musk also owns 12% of Tesla, worth $178 billion, alongside $124 billion in stock options, not including a shareholder-approved pay package that could potentially add $1 trillion if Tesla meets its growth targets.
This is Musk’s second major merger in less than a year. Last March, xAI merged with X (formerly Twitter), raising scrutiny over valuations.
The current merger consolidates his AI, space, and social media ventures under SpaceX, which is planning a public IPO later this year.
Musk Widens Lead Over Global Billionaires
With this milestone, Musk has opened an unprecedented gap between himself and other billionaires worldwide. Forbes’ latest ranking of the world’s richest people shows:
- Elon Musk: $852.5B
- Larry Page: $277.9B
- Sergey Brin: $256.3B
- Jeff Bezos: $249.3B
- Mark Zuckerberg: $237B
Nigerian Billionaires’ Standings
Africa’s richest man, Aliko Dangote, now ranks 86th globally with a net worth of $26.3 billion, built mainly on cement and sugar businesses. Other Nigerians on the list include:
- Abdulsamad Rabiu: $10B (Global rank 320)
- Mike Adenuga: $6.4B (Global rank 616)
- Femi Otedola: $1.6B (Global rank 2,296)
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Recently, Femi Otedola sold his controlling stake in Geregu Power Plc in a ₦1.088 trillion ($750 million) transaction, transferring control to MA’AM Energy Ltd, an Abuja-based integrated energy company.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
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