World's Richest Person Elon Musk Sets a Record...

Elon Musk, the head of Tesla and SpaceX, has created another record. He has become the first person to have a net worth exceeding $700 billion. Following a recent favorable court ruling regarding his 2018 Tesla compensation, Musk's net worth has reached $749 billion.

The Delaware Supreme Court recently overturned a lower court's ruling and reinstated the compensation package that Tesla offered Musk in 2018. In 2018, the Tesla board agreed to give Musk certain stock options as compensation, which were valued at $56 billion at the time.

However, a shareholder challenged this package in court, alleging that the Tesla board of directors who approved the package were close associates of Musk. The court agreed with this argument, ruling that granting such a large compensation package was extraordinary and therefore invalid. Musk then appealed to a higher court. He brought to the court's attention that the company's shareholders had once again approved the package in 2024. He argued that canceling it would render his six years of hard work futile. Consequently, the Delaware Supreme Court ruled in Musk's favor.

It is known that the Tesla board recently announced a massive compensation package for Musk. The board agreed to pay a maximum of one trillion dollars as the company's performance improves. However, to receive this entire amount, Tesla must achieve certain targets in AI, robotics, and market growth. Following these recent developments, Musk's net worth reached $749 billion on Friday. ​​The next wealthiest person, Google co-founder Larry Page, has a net worth of $500 billion.