Elon Musk has made history by becoming the first person to reach a net worth of $400 billion, according to Bloomberg. The tech mogul, who heads Tesla and SpaceX, saw his wealth surge following a significant rise in SpaceX’s valuation, which reached $350 billion after a $1.25 billion insider share purchase.
This surge, which added nearly $20 billion to Musk’s fortune, comes amid a broader financial boom following the 2024 US presidential election.
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Musk’s ventures, including Tesla, SpaceX, Neuralink, xAI, and the Boring Company, have benefitted from his strong positioning with President-elect Donald Trump. He is also set to co-lead a new “Department of Government Efficiency” (DOGE), named after the popular cryptocurrency.
Musk’s alliance with President-elect Trump has brought increased attention to his companies, especially Tesla and SpaceX. Tesla’s stock has played a key role in his financial rise, reaching a record high of $424.77 on December 11, driven by investor optimism about potential deregulation under the Trump administration.
SpaceX, one of Musk’s most ambitious projects, has contributed significantly to his wealth, with the company’s successful achievements, like the launch of the Starship rocket, furthering investor confidence. Musk’s involvement in artificial intelligence through xAI, which saw its valuation double to $50 billion in November, has also contributed to his financial growth.
Musk’s wealth now surpasses Amazon’s Jeff Bezos by approximately $136 billion, making him the richest person in the world. Despite some controversies, such as a rejected $101 billion pay package from Tesla, Musk’s fortune continues to rise.
