As if he wasn’t rich enough already.
Elon Musk has made history by becoming the first person to reach a $400,000,000,000 net worth.
Furthermore, the Tesla owner has seen his fortune rise by 77% since Trump’s election victory last month.
Trump rewarded Musk for his support by giving him a role in his upcoming government – Musk will co-lead Trump’s planned Department of Government Efficiency (DOGE) advisory board which will make recommendations on improving government efficiency.
According to the Bloomberg Billionaires Index, the wealth of the world’s 500 richest people now exceeds $10 trillion, largely thanks to the success of Musk’s Tesla and SpaceX – a company valued at nearly $350 billion.
Musk has added about $218 billion to his net worth since the start of 2024, more than anyone else in this year’s index.
Tesla shares, which make up the bulk of Musk’s fortune, have gained 71% this year and closed Wednesday at $424.77 – their first record high since 2021.
Another of the 53-year-old’s spinning plates – his artificial intelligence startup xAI – has seen its value more than double to $50 billion since it last raised money in May, with the Wall Street Journal reporting in November that Trump’s victory helped drive new interest.
Earlier this week, SpaceX and its investors agreed to purchase $1.25 billion of shares from employees and other company insiders. The deal, which values the privately held space exploration firm at about $350 billion, makes SpaceX the most valuable private startup in the world.
What’s really crazy about this is that almost no investors wanted to sell shares even at a $350B valuation!
— Elon Musk (@elonmusk) December 11, 2024
SpaceX reduced the amount of shares it bought back from employees in order to allow some new investors in.
Considering Musk’s net worth plummeted by a staggering $15 billion in October following the launch of a series of Tesla products, Trump’s election win couldn’t have come at a better time for the world’s richest man.
