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The move comes as private banks and wealth management firms seek to find ways of serving clients outside of core investing and financial advice.

Together, Musk's stake in xAI and SpaceX are now worth nearly twice as much as his Tesla shares.

The diversification to attract new customers comes as the luxury sector grapples with an industry-wide slowdown, U.S. tariffs, and wider cost pressures.

The upgrade to the blue-chip benchmark comes as part of a quarterly reshuffling.

Apollo and CEO Marc Rowan are at the forefront of a tectonic shift in the investing landscape, with the lines between public and private markets blurring.

A push to tax the real estate of the wealthy has sparked a backlash among brokers and potential buyers, who say the taxes punish the most important local spenders.

With the price of a Lamborghini starting at $400,000, many buyers are choosing to wait for more stable tariff rates before buying, CEO Stephan Winkelmann said.