CEO of SpaceX and Tesla Elon Musk has become the first individual in history to surpass a $400 billion net worth, reaching a staggering $439.2 billion, according to the Bloomberg Billionaires Index. A recent insider share sale at SpaceX and the outcome of the US presidential elections played pivotal roles in this milestone.
Musk’s wealth surged by approximately $50 billion following a SpaceX share sale, which valued the privately held aerospace company at $350 billion. The deal included a $1.25 billion purchase of shares by investors and insiders, solidifying SpaceX’s status as the world’s most valuable private startup.
Tesla’s stock has also soared by 65% since the election of Donald Trump, who has pledged to accelerate the rollout of self-driving vehicles and curtail tax credits benefiting Tesla’s competitors. As a major ally and donor to the incoming administration, Musk has seen significant gains, especially as his influence extends into politics. Musk was recently named co-head of the newly formed Department of Government Efficiency under President-elect Trump.
Musk’s AI venture, xAI, has similarly doubled in value since its May fundraising efforts, now worth $50 billion. SpaceX, which relies heavily on US government contracts, is also poised to benefit under Trump’s administration, given his vocal support for Musk’s ambitious Mars exploration plans.