Elon Musk has reached a staggering milestone, surpassing $400 billion in net worth according to Bloomberg. The billionaire’s massive fortune was largely fueled by a record-breaking deal for his rocket company SpaceX, which saw the company’s valuation surge to approximately $350 billion.
The deal, valued at up to $1.25 billion, marked a significant jump for Musk’s wealth, with his total value increasing by nearly $20 billion. This latest milestone cements Musk’s position as the world’s richest person, surpassing even Amazon founder Jeff Bezos’ previous record.
Musk’s success can be attributed in part to his alliance with President-elect Donald Trump, which has catapulted his ventures to the forefront of public attention. As the CEO of Tesla and SpaceX, Musk also owns X and several other ventures, including Neuralink and the Boring Company.
Tesla shares have reached an all-time high, closing at $424.77 on Wednesday, driven in part by investor confidence in Musk’s influence over the Trump administration’s potential deregulation policies. The company’s stock has rallied by roughly 65% since Election Day, with some analysts predicting further gains.
Musk’s AI startup, xAI, also saw significant growth in November, doubling its value to $50 billion after a new funding round. With his net worth now exceeding $400 billion, Musk is racing past his peers and cementing his position as the world’s wealthiest individual.
Source: https://edition.cnn.com/2024/12/11/business/elon-musk-400-billion-net-worth/index.html