Elon Musk, the world’s richest person, has reached a new milestone with a net worth of $400 billion, becoming the first person to do so, according to Bloomberg. This increase was driven by a significant deal boosting the valuation of his rocket company, SpaceX, to approximately $350 billion.
SpaceX and its investors agreed to buy up to $1.25 billion in insider shares, leading to nearly a $20 billion jump in Musk’s wealth.
Musk’s personal wealth has surged significantly since the end of the 2024 U.S. presidential election, bolstered by an alliance with President-elect Donald Trump.
Musk, CEO of Tesla and SpaceX and owner of X, Neuralink, xAI, and the Boring Company, will now also co-chair the newly established “Department of Government Efficiency” (DOGE) alongside Vivek Ramaswamy.
Tesla shares reached a record high of $424.77 on Wednesday, driven by the broader market surge as NASDAQ surpassed 20,000 for the first time, CNN reported.
Since Election Day, Tesla’s stock has rallied about 65%, fueled by investor optimism that Musk’s influence in the Trump administration will lead to beneficial deregulation.
Musk’s AI startup, xAI, also more than doubled in value to $50 billion in November following a new funding round.
According to the Bloomberg Billionaires Index, the world’s wealthiest man is now approximately $136 billion richer since November 5.
Musk continues to outpace his wealthy peers on the billionaires index. As of December 10, before his net worth surged to $400 billion, he was already $140 billion ahead of Amazon founder Jeff Bezos, whose current net worth is $244 billion.
Last week, a Delaware court rejected Musk’s record-breaking $101 billion pay package, which is now valued at $120 billion based on Tesla’s current share price.
Despite this, Bloomberg’s calculation still includes the package. Musk is poised to gain even more wealth in the coming years through various ventures.
