Elon Musk is having a VERY good week. Yesterday, Elon's net worth topped $85 billion as Tesla hit an all-time high. With that jump, Elon ranked as the fourth-richest person on the planet for the very first time, topping French billionaire Bernard Arnault.
But that's not all!
Yesterday it was also confirmed that Elon's OTHER company SpaceX had successfully raised a new round of money at a new all-time high valuation. The combination of these two events have made Elon musk A TON of money…
(Photo by Mario Tama/Getty Images)
Let's take a step back for a moment.
When evaluating Elon Musk's net worth, it's important to remember that it's comprised of his stakes in both Tesla – which is publicly traded – AND SpaceX – which is still a privately-held company.
So for example, when Elon's net worth topped $70 billion for the first time on July 10, 2020, roughly $15 billion was attributable to the privately-held SpaceX (based on its private valuation) and the remaining $55 billion was from Tesla (based on the price of its publicly traded shares).
Elon owns 20% of Tesla's outstanding shares.
Prior to SpaceX's most-recent funding round, Elon owned 54% of the privately-held company. At that point the company was valued at $36 billion after its most-recent fundraising round in February 2020.
SpaceX just confirmed through an SEC filing that it raised $1.9 billion in fresh capital from a group of investors. These new investors bought into SpaceX at an increased valuation of $46 billion. The fundraising round was over-subscribed, which means SpaceX had to turn investors away even after increasing the amount of money it was looking to raise from $1 billion to $1.9 billion.
After this most-recent fund raising round, Elon's 54% stake has been reduced to 48%. Also, the company's $46 billion valuation includes the $1.9 billion in cash. So that money was not paid to insiders like Elon, it's going to be used as capital for operations.
At a $46 billion private-valuation, Elon's SpaceX 48% stake is worth $22 billion.
At a $350 billion market cap, Elon's 20% Tesla stake is worth $70 billion.
After removing roughly $1.5 billion in various personal debts and obligations, Elon's net worth at the above respective levels is $90.5 billion.
Congrats Elon!
