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Elon Musk is on the verge of becoming the first person in history with a net worth of $800 billion, following a major funding round for his artificial intelligence and social media company, xAI Holdings. The company secured $20 billion from private investors, pushing its total valuation to $250 billion, according to Forbes.

Musk’s 49% stake in xAI surged by $62 billion to reach $122 billion, bringing his total net worth to approximately $780 billion. This widens his lead over the world’s second-richest individual.

Other investors in xAI, including Saudi Prince Alwaleed bin Talal, Twitter co-founder Jack Dorsey, and Oracle founder Larry Ellison, also saw substantial gains in their holdings, which rose by billions of dollars following the latest financing round.

xAI continues to invest heavily in the AI arms race, spending around $7.8 billion during the first nine months of 2024 on product development, including the chatbot Grok, which faced criticism for generating misleading content.

Musk’s wealth has seen multiple record-breaking milestones over the past year, reaching $500 billion, then $600 billion after SpaceX was valued at $800 billion, and hitting $700 billion following Delaware court adjustments to his Tesla stock option package.

Tesla shares remain Musk’s second-largest asset after his 42% stake in SpaceX, valued at $336 billion, while his total Tesla holdings are worth $307 billion, excluding future option packages tied to long-term growth targets.