Elon Musk has achieved a remarkable financial milestone, becoming the first person in history to surpass a net worth of $400 billion, according to Bloomberg. This surge in his wealth, which saw an increase of nearly $20 billion, was largely driven by a significant deal that boosted the valuation of his rocket company, SpaceX, to approximately $350 billion. The deal involved SpaceX and its investors purchasing up to $1.25 billion worth of insider shares, contributing to the jump in Musk’s net worth.
Since the 2024 U.S. presidential election, Elon Musk has seen a significant increase in his personal wealth. His close association with President-elect Donald Trump has helped elevate his businesses. Musk, who serves as the CEO of Tesla, SpaceX, and owns X, is also the head of ventures like Neuralink, xAI, and the Boring Company. He will now work alongside Vivek Ramaswamy to lead a new initiative called the “Department of Government Efficiency” (DOGE), which is named after a popular memecoin.
Tesla’s stock reached an all-time high on Wednesday, closing at $424.77. As Tesla’s largest individual shareholder, Musk has benefited from the rise in stock prices, which has been partly driven by the broader market. The NASDAQ also hit a record high, surpassing 20,000 for the first time. Since Election Day, Tesla’s stock has surged by about 65%, fueled by investor optimism that Musk’s influence in the Trump administration will lead to deregulation that could benefit the company.
Elon Musk’s artificial intelligence company, xAI, saw its valuation more than double in November, reaching $50 billion after a new funding round. This surge contributed to Musk’s wealth, which has increased by roughly $136 billion since November 5, as reported by the Bloomberg Billionaires Index.
Musk is quickly outpacing his wealthy counterparts. As of December 10, even before his net worth hit $400 billion, he was already $140 billion ahead of Amazon founder Jeff Bezos, the second-richest person in the world.
Despite a Delaware court rejecting Musk’s record-breaking $101 billion pay package, which was approved by Tesla shareholders, Bloomberg’s calculations still consider it in his wealth, with the package now valued at up to $120 billion based on the current Tesla stock price. However, Musk’s fortune remains secure, with many opportunities for further wealth growth in the future.
