Sunday, October 17

Elon Musk extends lead as world’s richest person after adding $10 billion to fortune with SpaceX deal

Musk’s US$223 billion net worth towers over Jeff Bezos’ US$191.6 billion

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Elon Musk is pulling away from the rest of the world when it comes to personal wealth.

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Musk’s net worth rocketed to US$223 billion, according to the Bloomberg Billionaires Index, after an agreement with investors valued his SpaceX in excess of US$100 billion.

The deal gives Musk an additional US$10.6 billion, thanks to his ownership of the rocket company that he founded in 2002 with the goal of colonizing Mars. Inc.’s Jeff Bezos is No. 2 in the global ranking with US$191.6 billion.

Musk derives around three-quarters of his wealth from Tesla Inc., which he co-founded in 2003 after making a fortune from the sale of e-commerce site PayPal to eBay Inc. for US$1.5 billion.

The new SpaceX valuation comes a little more than a year after the Hawthorne, California-based company completed its first crewed test flight of astronauts to the International Space Station for NASA. It is now more valuable than Lockheed Martin Corp., the biggest pure- play defence contractor in the world.

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