Elon Musk has become the first person to reach an estimated net worth of over $400 billion, according to the Bloomberg Billionaires Index. The latest surge in his wealth comes from a recent insider share sale at SpaceX, which added approximately $50 billion to his total value.
Musk’s fortune has undergone a significant turnaround since late 2022, when it plummeted by more than $200 billion. However, this decline was largely reversed with the election of Donald Trump last month, as Musk is a prominent supporter and donor to the president-elect. Tesla’s stock price has increased significantly, rising about 65% before the election, driven by expectations that Trump will support self-driving cars and reduce tax credits for electric vehicles.
As part of the new administration, Musk is set to play a key role in the Department of Government Efficiency as co-head, giving him a platform to promote his vision. Additionally, the value of his artificial intelligence startup, xAI, has more than doubled since its last funding round, reaching $50 billion.
SpaceX’s recent deal to purchase $1.25 billion worth of shares from employees and investors valued the company at approximately $350 billion, solidifying its position as the most valuable private startup in the world. The US government is a significant contributor to SpaceX’s revenue, and under a Trump administration, Musk can expect continued support.
Despite facing a setback when a Delaware judge struck down his Tesla pay package for the second time, Musk remains the world’s richest individual.
Source: https://fortune.com/2024/12/11/elon-musk-net-worth-tops-400-billion-historic-first-richest-man-alive-spacex-tesla