Elon Musk just set a new record: He’s the first person to surpass more than $600 billion in net worth.

His firm SpaceX launched a tender offer that values the rocket maker at $800 billion, boosting his fortune to an estimated $677 billion midday Monday. In fact, Musk is closer to becoming a trillionaire than he is to the world’s No. 2 richest person.

The trillionaire feat could come soon, given SpaceX is targeting an IPO next year that could value the firm at around $1.5 trillion, and Tesla investors recently approved a pay package for Musk that could be worth up to $1 trillion.

As electric vehicle sales slump industrywide, Ford said Monday it expects to take a $19.5 billion profit hit as it pivots away from EVs. The automaker, which has lost more than $13 billion on its EV business since 2023, will cease production of its electric F-150 trucks in favor of hybrid and gas-powered vehicles.

An estimated 80% of small business failures are attributed to cash flow mismanagement, so Drew Fallon, founder of startup Iris Finance, set out to use AI to help food and packaged goods companies streamline tasks like modeling and inventory planning. The 28-year-old entrepreneur is a member of the latest Forbes 30 Under 30 class, and AI startups like his firm are seeing investment despite VC money drying up for food businesses.

Another billionaire-funded space company, Vast, is in talks to raise $300 million, a round

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