The financial landscape of 2026 is being defined by a single name that has become synonymous with the “trillion-dollar” horizon. As of January 14, 2026, the world watches with bated breath as Elon Musk’s net worth hovers at a staggering $722 billion, according to the Bloomberg Billionaires Index, while Forbes places him at approximately $717.9 billion.
Part I: Elon Musk’s Net Worth 2026 – The First Trillionaire in Waiting?
Elon Musk has officially shattered all previous records for individual wealth. As of mid-January 2026, Musk’s net worth stands at an estimated $717.9 billion (Forbes) to $722 billion (Bloomberg).
To put this in perspective, Musk is now nearly three times richer than the world’s second-wealthiest person, Larry Page ($258.3 billion). His fortune has grown by over $330 billion in the last year alone—a rate of nearly $935 million per day.
The Pillars of a $700 Billion Empire
- SpaceX ($366B Stake): Now Musk’s largest asset, SpaceX is valued at roughly $800 billion. With a potential “mega IPO” slated for later in 2026 targeting a $1.5 trillion valuation, Musk could realistically become the world’s first trillionaire by year’s end.
- Tesla & The $1 Trillion Pay Package: In late 2025, Tesla shareholders and the Delaware Supreme Court finalized a new performance-based pay package for Musk. If he hits the ambitious goals for the Optimus humanoid robot and Robotaxi fleet, this package alone is worth up to $1 trillion over ten years.
- xAI & X: His AI venture, xAI, has surged to a $60 billion valuation, while X (formerly Twitter) remains a central, though volatile, pillar of his influence.
Part II: Saks Global Files for Chapter 11 Protection
While Musk’s wealth hits the stratosphere, the luxury retail world is grounded in a harsh reality. Saks Global—the parent company of Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, and Saks OFF 5TH—formally filed for Chapter 11 bankruptcy on Wednesday in the Southern District of Texas.
Why Did Saks Global File?
The move follows a period of “crushing debt” linked to the company’s $2.65 billion acquisition of Neiman Marcus in 2024. The filing was precipitated by:
- A Missed Payment: Saks Global missed a $100 million interest payment due on December 30, 2025.
- Luxury Contraction: Global luxury sales are expected to contract for the second straight year in 2026 as even wealthy consumers grow choosier.
- Vendor Disputes: Several brands had already begun pulling products from shelves due to unpaid bills.
The “Transformative” Turnaround Plan
Saks Global is not closing its doors. Instead, it has secured $1.75 billion in new financing to fund a “transformative” restructuring.
- Leadership Shake-up: Executive Chairman Richard Baker has stepped down, replaced by Geoffroy van Raemdonck as the new CEO of Saks Global.
- Store Status: All stores, including the iconic Neiman Marcus flagship in Downtown Dallas, remain open. The company has explicitly stated it will honor all customer gift cards, loyalty points, and employee benefits.
Part III: The Fate of the Downtown Dallas Flagship
For the city of Dallas, the most critical detail of the Saks Global bankruptcy is the survival of the Neiman Marcus flagship at 1618 Main Street. After a “stay of execution” through the 2025 holiday season, the store’s future was uncertain.
However, as part of the Chapter 11 filing, city officials are reportedly finalizing an economic development package to keep the 100-year-old landmark open. While Saks is “evaluating its operational footprint,” the Downtown Dallas location is currently safe, serving as a symbolic win for a brand trying to maintain its legacy in a shifting economy.
Conclusion: A Tale of Two Economies
The events of January 2026 highlight a widening gap in global wealth. One man’s net worth now rivals the GDP of entire nations, while the stores that traditionally catered to that very wealth are forced to use bankruptcy laws to stay relevant. As Saks Global moves toward a leaner, digital-first future, and Elon Musk eyes the trillion-dollar mark, the very definition of “luxury” is being rewritten for the 21st century.