Elon Musk, the world’s wealthiest man, has shattered yet another record, becoming the first person to amass a net worth of $400 billion, according to Bloomberg.
This monumental achievement comes on the heels of a significant surge in his wealth, driven primarily by a key deal involving his rocket company, SpaceX, and a remarkable rally in Tesla’s stock price.
According to Bloomberg, Musk’s wealth jumped by nearly $20 billion recently, largely thanks to a strategic insider share sale within SpaceX, which boosted the company’s valuation to an estimated $350 billion. This deal has positioned Musk’s fortune at an all-time high, propelling him far beyond his closest competitors.
Key Highlights
- Historic milestone: Elon Musk is the first individual to reach $400 billion in net worth.
- SpaceX surge: A $1.25 billion insider share purchase boosted SpaceX’s valuation to $350 billion, adding $50 billion to Musk’s fortune.
- Tesla’s record performance: Tesla’s stock hit a new high of $424.77, propelling Musk’s wealth even further.
- Political influence: Musk’s relationship with President-elect Donald Trump has fueled investor optimism, particularly for Tesla.
SpaceX and Tesla fuel Musk’s wealth surge
Musk’s fortune received a significant boost from SpaceX, his privately held rocket company. SpaceX and its investors purchased up to $1.25 billion of insider shares, increasing the company’s valuation to an estimated $350 billion. This deal alone contributed an estimated $50 billion to Musk’s wealth.
Tesla also played a major role in Musk’s financial leap. The electric vehicle maker saw its stock rise to a record high of $424.77 per share, marking a 65% increase since the U.S. election in November. Many investors believe Musk’s political influence—particularly his close ties with President-elect Trump—could result in a favorable regulatory environment for Tesla.
Political ties and future growth
Musk’s political influence extends beyond business, as he is set to play a key role in the incoming Trump administration. Musk and entrepreneur Vivek Ramaswamy will lead the new “Department of Government Efficiency” (DOGE), reflecting Musk’s growing political and business influence.
Along with Tesla and SpaceX, Musk’s ventures such as xAI and Neuralink are expected to continue growing, further solidifying his position as the world’s richest individual. As of December 10, before his worth skyrocketed to $400 billion, Musk’s wealth was already $140 billion greater than that of Amazon founder Jeff Bezos, which stands at approximately $243.7 billion.
