Elon Musk has reached a historic milestone, becoming the first person ever to surpass a net worth of $400 billion, according to Bloomberg. A significant factor behind this remarkable wealth surge is a recent deal that boosted the valuation of his rocket company, SpaceX, to an estimated $350 billion. SpaceX and its investors agreed to purchase up to $1.25 billion worth of insider shares, contributing to Musk’s nearly $20 billion jump in wealth.
Since the 2024 U.S. presidential election, Musk’s personal fortune has soared, helped in part by his influential relationship with President-elect Donald Trump. Musk, who leads Tesla and SpaceX and owns X (formerly Twitter), has become a central figure in tech, business, and politics. He is also involved in ventures like Neuralink, xAI, and the Boring Company. Alongside Vivek Ramaswamy, Musk is set to lead a new initiative called the “Department of Government Efficiency” (DOGE), named after the popular Dogecoin cryptocurrency.
Musk’s wealth surge has also been fueled by Tesla’s record-high stock prices, which saw a boost, especially after the U.S. presidential election. The stock has jumped about 65% since Election Day, with investors hopeful that Musk’s influence in the upcoming Trump administration could usher in favorable deregulation for Tesla. Musk also has significant investments in his artificial intelligence company, xAI, which saw its value rise to $50 billion, more than doubling in just a few months.
As of December 2024, Musk’s wealth has grown by $136 billion since November, making him far wealthier than his peers. His wealth far exceeds that of Amazon founder Jeff Bezos, who is the second-richest person on the planet. Despite some legal challenges regarding his Tesla compensation package, Musk continues to hold onto his wealth and is poised to earn even more in the coming years.
