Elon Musk now holds less than half of his total wealth in Tesla stock

Elon Musk no longer holds most of his fortune in Tesla stock, and the company is now trying to throw him a $1 trillion compensation package to keep him from walking away.

That’s what Tesla said last week in a proxy filing, warning that his private companies (SpaceX, xAI, and Neuralink) have become far more valuable and now dominate his wealth.

The filing, which outlines a new 2025 pay deal, said Elon’s outside ventures “now account for a majority of his wealth” and that unless shareholders approve the new plan, he’ll likely focus more on those businesses instead of Tesla.

The company said Elon “has more attractive options today than ever before” and is more tempted to spend his time elsewhere. That’s why the board wants to grant him up to 423.7 million restricted Tesla shares—but only if shareholders vote yes.

Tesla offers $1 trillion deal to keep Elon focused

Tesla said the new equity award is required to stop Elon from “prioritizing other ventures.” The plan, which could be worth over $1 trillion, was proposed after the company admitted that it’s no longer the center of his financial universe.

For most of the last decade, Tesla stock made up the largest chunk of Elon’s net worth. That changed last year. Today, less than half of his wealth comes from Tesla.

Estimates vary depending on how you account for an old pay package from 2018 that’s still being disputed. Bloomberg’s Billionaires Index puts Elon’s total wealth at around $385 billion, while Forbes estimates it’s closer to $436 billion.

The gap between those numbers is tied to the value of that earlier compensation plan, which has been estimated between $60 billion and $100 billion. If that package is restored, or if the interim plan from this new proxy is approved, Elon’s fortune could move toward the higher estimate.

Right now, Elon owns around 13% of Tesla, which makes his stake worth about $140 billion. But that’s no longer his biggest holding.

He has made it clear he wants 25% voting control in the company, arguing that such influence is needed to prevent Tesla from being taken over while it’s working on powerful AI systems and robotics.

That kind of control is far from what he currently holds, but the proposed share award would help him get closer to that goal.

Private companies now dominate Elon’s empire

Tesla’s urgency to hold on to Elon comes as his other companies surge in value. At SpaceX, he owns 42% of the company and has far more voting power than he does at Tesla. SpaceX is reportedly preparing an insider share sale that could value the company at $400 billion, almost double what it was worth last year.

If that valuation is hit, Elon’s stake in SpaceX alone would be worth about $170 billion, already surpassing his Tesla holdings. Then there’s xAI, Elon’s artificial intelligence startup. It began the year at a valuation of $80 billion, but a new fundraising round could push that up to $200 billion.

He owns over 50% of xAI, meaning his stake could now be worth well over $100 billion. Combined with SpaceX, the two companies represent nearly twice the value of his Tesla shares.

Add in Neuralink, his brain interface company, which is currently valued at $9 billion, and the picture is clear: Elon’s private empire now outweighs his Tesla wealth.

Still, that balance could change again. If Tesla’s new plan is approved and the company reaches its $8.5 trillion valuation target, the full 423.7 million restricted shares would give Elon Tesla holdings worth more than $2 trillion. That would flip the script once again and restore Tesla as the biggest contributor to his fortune.

But right now, it’s not even close.

Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.