• Elon Musk is the first individual ever to surpass $600 billion in net worth.
• The spike is driven by SpaceX's valuation surge to $800 billion as it prepares for an IPO.
• Musk's net worth now stands at approximately $677 billion, significantly higher than any other billionaire.
• His wealth is boosted by holdings in Tesla and newly formed xAI Holdings.
• Analysts predict Musk could become the world's first trillionaire with further growth.

On December 15, Elon Musk made history by becoming the first person to achieve a net worth exceeding $600 billion, according to Reuters. This unprecedented milestone follows significant developments in Musk's companies, particularly SpaceX, which is reportedly preparing for an initial public offering (IPO) at a staggering valuation of $800 billion.

The sharp increase in SpaceX's valuation is a major factor, adding approximately $168 billion to Musk's wealth, which amounts to an estimated net worth of $677 billion as of midday on the same day, based on Channel News Asia. This financial leap places Musk significantly ahead of the second-richest individual.

The wealth composition of Musk changed dramatically with this update. He owns about 42% of SpaceX, which has now become his most valuable asset, with an estimated stake worth around $336 billion. Meanwhile, his 12% ownership in Tesla remains a firm pillar, valued at $197 billion not including the ongoing appeal regarding a substantial stock options package, according to India Times.

Musk's financial trajectory has been rapid; he started from a low of $24.6 billion in March 2020 and rapidly gained wealth through various investments, particularly in Tesla which also contributed to his rise. Tesla's stock performance and recent pay packages tied to performance goals indicate further substantial growth opportunities, as India Times reports.

In addition to SpaceX and Tesla, Musk's wealth is supported by xAI Holdings, a company recently valued at $230 billion that merges his interests in artificial intelligence and social media, with Musk holding a roughly 53% stake worth about $60 billion. This diversified portfolio points toward continued financial growth and the prospect of Musk edging closer to trillionaire status in the coming years, notes India Times.