Elon Musk becomes first to achieve historic $700 billion worth after pay ruling

Elon Musk officially became the first person to achieve a major legal victory at the Delaware Supreme Court on Friday. His net worth primarily soared to $749 billion after the ruling restored Tesla stock options worth $139 billion that were rescinded last year.

According to Reuters, Musk’s 2018 pay package- once worth $56 billion- was reinstated by the Delaware Supreme Court on Friday.

The recent announcement comes nearly two years after a lower court voided the deal, describing the compensation deal as ‘unfathomable.’

The Supreme Court has clarified that a 2024 ruling revoking the pay package was improper and inequitable to Musk.

After being the major driving force behind Tesla, Musk earlier reached a historic milestone this week, surpassing $600 billion in net worth following reports that SpaceX is preparing to go public.

Tesla shareholders reportedly approved a $1 trillion pay plan for Musk, marking one of the largest compensation packages in history.

Investors sanctioned the proposal as part of his vision to transform the EV maker into an AI and robotics powerhouse.

The recent compensation package not only restored his stock options but also propelled him into an economic league of his own, making him the first person in history to surpass a net worth of $700 billion.