Source: CNN
Elon Musk, the world’s richest person, has reached an unprecedented milestone: a net worth of $400 billion, according to Bloomberg. This achievement makes him the first individual ever to reach this financial landmark.
The surge in Musk’s wealth, nearly $20 billion, was largely driven by SpaceX’s increased valuation. On Tuesday, Bloomberg reported that SpaceX and its investors agreed to purchase up to $1.25 billion in insider shares, boosting the company’s worth to approximately $350 billion. SpaceX has not commented on the matter, as the company typically refrains from responding to media inquiries.
Musk’s recent financial ascent has been fueled by developments following the 2024 U.S. presidential election. His alliance with President-elect Donald Trump has amplified the prominence of his ventures. Musk, already CEO of Tesla and SpaceX, also owns X and oversees Neuralink, xAI, and the Boring Company. Additionally, he is set to co-lead the newly established “Department of Government Efficiency” (DOGE) alongside Vivek Ramaswamy, humorously named after the popular cryptocurrency.
Tesla has also played a significant role in Musk’s growing wealth. The company’s shares closed at a record $424.77 on Wednesday, bolstered by investor optimism. The broader NASDAQ market reaching 20,000 for the first time ever further fueled Tesla’s stock rally, which has climbed roughly 65% since Election Day. Many investors believe Musk’s influence in the Trump administration will lead to regulatory reforms that benefit the electric vehicle maker.
Musk’s artificial intelligence startup, xAI, saw its valuation more than double in November during a new funding round, increasing from $25 billion to $50 billion, according to the Wall Street Journal. These successes have collectively added approximately $136 billion to Musk’s wealth since November 5, based on Bloomberg’s Billionaires Index.
Despite the billionaires index often fluctuating, Musk is outpacing his peers. As of December 10, before surpassing the $400 billion mark, Musk was already $140 billion wealthier than the second-richest individual, Amazon founder Jeff Bezos.
Interestingly, Musk’s record-breaking Tesla pay package, originally valued at $101 billion, was rejected by a Delaware court last week. However, Bloomberg’s calculations still factor in the now $120 billion package, reflecting Tesla’s soaring stock price.
With a diversified portfolio of ventures and a track record of astronomical financial growth, Musk is positioned to accumulate even greater wealth in the years ahead.
