Elon Musk becomes first person to reach $400b net worth
-Reuters
Elon Musk has become the first person in history to reach a net worth of $400 billion, according to Bloomberg.
The tech mogul, who leads Tesla and SpaceX, saw his fortune soar after SpaceX’s valuation skyrocketed to $350 billion, partly due to a recent $1.25 billion insider share purchase.
The surge in Musk’s wealth, which grew by nearly $20 billion, comes amidst a broader financial boom following the 2024 US presidential election.
His ventures, including Tesla, SpaceX, Neuralink, xAI, and the Boring Company, have benefitted from his strategic positioning with President-elect Donald Trump. Musk is also set to co-head a new "Department of Government Efficiency" (DOGE), named after a popular cryptocurrency.
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An alliance with President-elect Donald Trump has helped push Musk’s ventures, particularly Tesla and SpaceX, into the spotlight. Musk’s influence, coupled with his position as CEO of multiple high-profile companies such as Neuralink, Boring Company, and his artificial intelligence venture, xAI, has solidified his place as the world’s richest person.
Tesla’s stock has also played a pivotal role in Musk’s financial rise.
On December 11, Tesla shares closed at a record high of $424.77, further elevating Musk’s net worth. The electric vehicle maker’s stock has been on an upward trajectory, climbing by approximately 65% since Election Day, driven by investor optimism that Musk’s influence in the incoming Trump administration will result in deregulatory measures benefiting the company.
SpaceX, one of Musk’s most ambitious ventures, has been a key factor in his growing wealth. The company has achieved remarkable feats in space travel, including the successful launch of the Starship rocket, which Musk envisions as a vehicle for interplanetary travel.
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The latest round of funding, which included the $1.25 billion deal, further underscores the growing investor confidence in SpaceX’s long-term prospects.
In addition to his business successes, Musk’s other ventures, including his AI startup xAI, have also been a major source of growth.
In November, xAI saw its valuation double to $50 billion, a reflection of both the rapidly growing interest in artificial intelligence and Musk’s personal involvement in the sector.
Musk’s personal wealth is now approximately $136 billion higher than that of Amazon founder Jeff Bezos, who currently holds the second spot on the Bloomberg Billionaires Index.
Despite the ever-changing nature of the global wealth rankings, Musk’s $400 billion fortune solidifies his position as the richest person in the world.
While Musk’s financial journey has not been without controversy, including a recent court ruling that rejected his $101 billion pay package from Tesla, his wealth continues to grow.
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