Elon Musk becomes first person worth $700bn following pay package ruling

Tesla CEO Elon Musk's net worth surged to $749 billion late Friday after the Delaware Supreme Court reinstated Tesla stock options worth $139 billion that were voided last year, according to Forbes' billionaires index.

Musk's 2018 pay package, once worth $56 billion, was restored by the Delaware Supreme Court on Friday, two years after a lower court struck down the compensation deal as "unfathomable."

The Supreme Court said that a 2024 ruling that rescinded the pay package had been improper and inequitable to Musk.

It assures Musk greater control over the company, which he has said is his main concern, even after shareholders recently approved a new pay package that could be worth $878 billion if Tesla meets certain targets.

If Musk exercises all the stock options from the 2018 package, his stake in Tesla would grow from about 12.4% to 18.1% of an expanded share base. The company is issuing shares tied to his new pay package, although he must earn them by hitting performance goals.

Earlier this week, Musk became the first person ever to surpass $600 billion in net worth on the heels of reports that his aerospace startup SpaceX was likely to go public.

In November, Tesla shareholders separately approved a $1 trillion pay plan for Musk, the largest corporate pay package in history, as investors endorsed his vision of morphing the EV maker into an AI and robotics juggernaut.

Musk's fortune now exceeds that of Google co-founder Larry Page, the world’s second-richest person, by nearly $500 billion, according to Forbes' billionaires list.