Elon Musk Becomes the First Person to Reach $400 Billion in Net Worth
Elon Musk has reached an unprecedented financial milestone, becoming the first individual in history to amass a net worth of $400 billion, according to Bloomberg. This achievement marks another record for the billionaire entrepreneur, who has seen a substantial increase in wealth in recent months.
A major factor behind Musk’s rise in wealth is the recent surge in the valuation of SpaceX, his private rocket company. SpaceX’s valuation has reached an estimated $350 billion after a deal in which the company and its investors purchased up to $1.25 billion in insider shares. Although SpaceX typically refrains from commenting on media inquiries, this deal has significantly contributed to Musk’s financial success.
Musk’s wealth has soared since the 2024 U.S. presidential election, buoyed by his ventures that include Tesla, SpaceX, Neuralink, xAI, and the Boring Company. Recently, Musk has forged alliances with influential political figures, including President-elect Donald Trump. As part of his expanding influence, Musk will also oversee the creation of a new “Department of Government Efficiency” (DOGE), a new initiative named after a popular memecoin.
Tesla’s stock has also experienced a dramatic rise, closing at a record high of $424.77 on Wednesday, with a 65% increase since Election Day. Musk, who is Tesla’s largest individual shareholder, has benefited from this surge, which analysts attribute to the anticipated effects of deregulation under the new administration.
In addition to Tesla, Musk’s artificial intelligence startup, xAI, saw its valuation more than double in November, reaching $50 billion following a new funding round. This rapid growth, along with the broader market’s gains, has boosted Musk’s wealth by approximately $136 billion since November 5, based on the Bloomberg Billionaires Index.
As of December 10, Musk’s wealth was around $140 billion higher than that of the second-richest individual, Amazon founder Jeff Bezos. Despite a recent Delaware court ruling that rejected Musk’s record-breaking $101 billion pay package approved by Tesla shareholders, Musk remains on track for continued financial growth, with numerous ventures poised to further increase his fortune in the coming years.