Elon Musk closes in on $800 billion net worth

Elon Musk is on the verge of becoming the first person ever worth $800 billion.

Musk’s xAI Holdings raised $20 billion from private investors at a $250 billion valuation earlier this month, Forbes just confirmed.

That’s up from the $113 billion valuation Musk claimed when he merged his artificial intelligence startup xAI with his social media company X (formerly Twitter) last March.

Forbes estimates that the deal boosted the value of Musk’s 49% stake in xAI Holdings by $62 billion to $122 billion.

The world’s richest person by far, Musk is now worth a record $780 billion, according to Forbes’ Real-Time Billionaires List.

Other billionaire investors in xAI who got a big boost include Saudi Arabia’s Prince Alwaleed Bin Talal Alsaud, one of Twitter’s earliest investors, Twitter cofounder Jack Dorsey and Oracle cofounder Larry Ellison, who contributed $1 billion to Musk’s $44 billion takeover of Twitter in 2022.

Forbes estimates that Prince Alwaleed owns a 1.6% stake in xAI Holdings worth $4 billion (excluding a larger stake held by his publicly traded Kingdom Holding Company), boosting his net worth to $19.4 billion.

Dorsey and Ellison, meanwhile, each now own an estimated 0.8% stake worth $2.1 billion, increasing their fortunes to $6 billion and $241 billion, respectively.

xAI’s latest funding round comes as the company has been spending aggressively amid the artificial intelligence arms race, burning $7.8 billion of cash during the first nine months of 2024, according to internal documents reviewed by Bloomberg.

xAI’s Grok chatbot has been criticized in recent weeks for generating fake images of real women in bikinis and lingerie, including in a lawsuit filed Thursday by Ashley St. Clair, the mother of one of Musk’s children.

Musk has already achieved a number of net worth milestones over the past year. In October, he became the first person ever worth $500 billion, after Tesla’s stock price nearly doubled over the five months following Musk’s announcement that he would be stepping back from his role as head of President Trump’s Department of Government Efficiency (DOGE) to spend more time on the electric vehicle maker.

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