[新聞] 馬斯克的財富大部分來自於他的私人公司
原文標題：Most of Elon Musk’s fortune now comes from his private companies
原文連結：https://tinyurl.com/4zsu8fhc
發布時間：Published Thu, Sep 11 20252:02 PM EDT
記者署名：Robert Frank
原文內容：
A version of this article appeared in CNBC’s Inside Wealth newsletter with
Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign
up to receive future editions, straight to your inbox.
本文版本曾刊登於 CNBC 的 Inside Wealth（由 Robert Frank 撰寫），這是一份針對高
淨值投資者與消費者的每週通訊。
Tesla said it needed to incentivize CEO Elon Musk with a record-breaking pay
package in order to compete with his private companies, according to a proxy
the company filed last week.
根據特斯拉上週提交的股東委託書文件，該公司表示必須用一份破紀錄的薪酬方案來激勵
執行長伊隆·馬斯克，以便與他的私人公司競爭。
The filing outlines a share award that could be worth $1 trillion if it all
pays out. Tesla also said Musk’s other companies — mainly SpaceX and xAI
Holdings — now account for most of his wealth and therefore will command most
of his attention unless Tesla pays him more.
文件指出，該股權獎勵若完全發放，價值可能高達 1 兆美元。特斯拉還表示，馬斯克的
其他公司——主要是 SpaceX 和 xAI Holdings——現在佔據了他大部分的財富，因此若
特斯拉不給予更高的薪酬，他將會將注意力更多放在這些公司上。
“A majority of Mr. Musk’s wealth is now derived from other business ventures
outside of Tesla, and he has more attractive options today than ever before,
” the proxy said. The pay package of up to 423 million shares is necessary,
it added, to prevent Musk from “prioritizing other ventures.”
文件中寫道：「馬斯克先生的財富大多來自於特斯拉以外的其他業務，他今天擁有比以往
任何時候都更具吸引力的選項。」文件補充說，最高達 4.23 億股的薪酬方案是必要的，
以防止馬斯克「優先考慮其他事業」。
It will be up to shareholders to approve the package, of course. But the proxy
highlights the surging valuations of Musk’s private companies and the
competing interests of xAI, SpaceX and Tesla.
當然，該方案最終需要由股東批准。但文件強調了馬斯克私人公司估值的急速上升，以及
xAI、SpaceX 與特斯拉之間的競爭利益。
Until last year, the vast majority of Musk’s wealth came from his Tesla stock
. The Bloomberg Billionaires Index pegs Musk’s wealth at about $385 billion,
while Forbes estimates his wealth is at $436 billion. The difference is likely
tied to his 2018 pay package, which is still in dispute and is valued at
between $60 billion and $100 billion. If the compensation plan is restored,
and/or he receives an interim comp package proposed in the proxy, Musk’s net
worth is closer to $436 billion.
直到去年，馬斯克的絕大部分財富來自於特斯拉股票。彭博億萬富翁指數估算他的財富約
為 3850 億美元，而《富比士》則估計為 4360 億美元。差異很可能與 2018 年的薪酬方
案有關，該方案仍存在爭議，估值在 600 億至 1000 億美元之間。如果該薪酬方案恢復
，或者他獲得委託書中提議的臨時薪酬方案，馬斯克的淨資產將更接近 4360 億美元。
Today, less than half of that fortune comes from Tesla stock.
如今，他的財富中不到一半來自於特斯拉股票。
Based on his current ownership of 13% of the company, Musk’s Tesla shares are
worth about $140 billion. Musk has argued that he needs at least 25% of
voting control of Tesla to prevent the company from being taken over as it
develops highly sensitive and powerful artificial intelligence technology and
robots.
根據他目前持有公司約 13% 的股份，馬斯克的特斯拉股票價值約為 1400 億美元。馬斯
克辯稱，他至少需要擁有特斯拉 25% 的投票控制權，以防止公司在開發高度敏感且強大
的人工智慧技術與機器人時被人收購。
At SpaceX and xAI, he has more voting control, with 42% of SpaceX and a
majority stake in xAI. SpaceX is planning an insider share sale that would
reportedly value the company at $400 billion, nearly double its valuation last
year. At the $400 billion valuation, Musk’s stake would be worth about $170
billion — more than the value of his current Tesla stake.
在 SpaceX 和 xAI，他擁有更多投票控制權，分別持有 SpaceX 42% 的股份以及 xAI 的
多數股權。據報導，SpaceX 正計劃進行內部股權出售，估值約為 4000 億美元，幾乎是
去年的兩倍。以此估值計算，馬斯克的股份價值約為 1700 億美元——超過他目前在特斯
拉的股份價值。
xAI’s valuation has grown even faster, from $80 billion at the start of the
year to a potential $200 billion in a new fundraising round. Musk owns more
than 50% of the company, putting his stake well over $100 billion.
xAI 的估值增長更快，從年初的 800 億美元提升至新一輪融資中潛在的 2000 億美元。
馬斯克持有公司超過 50% 的股份，使他的持股價值遠超過 1000 億美元。
Together, Musk’s stake in xAI and SpaceX are now worth nearly twice as much
as his Tesla shares. Added to his stakes in Neuralink — valued at around $9
billion — and his other companies, his private company wealth eclipses his
Tesla wealth.
總體來看，馬斯克在 xAI 和 SpaceX 的股份價值現在幾乎是特斯拉股份的兩倍。再加上
他在 Neuralink（估值約 90 億美元）及其他公司的持股，他的私人公司財富已遠遠超過
特斯拉的財富。
Of course, that may not be for long. If he is awarded the 423.7 million shares
of restricted stock in the new 2025 compensation plan, and if Tesla hits its
target valuation of $8.5 trillion, Musk’s Tesla shares would be worth over $2
trillion.
當然，這種情況可能不會持續太久。如果他在 2025 年新的薪酬方案中獲得 4.237 億股
受限股票，並且特斯拉達到 8.5 兆美元的目標估值，那麼馬斯克的特斯拉股份將價值超
過 2 兆美元。
心得/評論：
財富結構轉變
過去馬斯克的財富主要來自特斯拉股票。
現在大部分來自 私人公司（SpaceX + xAI），且這些公司增長速度極快。
這使馬斯克的注意力逐漸轉向私人公司，而非 Tesla。
特斯拉的壓力
特斯拉必須提供巨額激勵方案（最高 1 兆美元股權獎勵）來留住馬斯克，避免他「分心
」。
這反映出特斯拉已經不再是馬斯克的唯一重心。
控制權之爭
馬斯克在特斯拉只擁有 13% 股份（價值 1400 億美元），不足以維持「防禦性控制權」
。
他要求至少 25% 投票權，以確保特斯拉 AI 與機器人開發不會被收購方主導。
相比之下，他在 SpaceX 與 xAI 控制權更強，因此能更自由主導方向。
估值與財富放大效應
SpaceX 估值可能達 4000 億美元，馬斯克持股 1700 億美元。
xAI 估值可能達 2000 億美元，他的持股價值超過 1000 億美元。
兩者合計幾乎是 Tesla 股票的兩倍。
未來的不確定性
短期內馬斯克的私人公司財富壓過 Tesla。
但如果 Tesla 新薪酬方案落地，且估值達到 8.5 兆美元，他在 Tesla 的財富將暴增至
2 兆美元以上，重新主導他的資產結構。
--
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