Elon Musk, CEO of SpaceX and Tesla, has made history by becoming the first person ever to achieve a $400 billion net worth. This milestone was reached following a significant insider share sale and the impact of the recent U.S. election results, according to Bloomberg.The Bloomberg Billionaires Index reports that Musk’s net worth surged by approximately $50 billion after SpaceX’s insider share sale, pushing his total wealth to a staggering $439.2 billion.
In late 2022, Musk’s net worth had dropped by more than $200 billion. However, following the election of Donald Trump, Musk experienced a remarkable financial rebound. As one of Trump’s major allies and influential donors, Musk benefited greatly from the election results.
Tesla’s stock rose by roughly 65% since before the election, fueled by expectations that a Trump administration would expedite the rollout of self-driving cars and eliminate tax credits for electric vehicle competitors, Bloomberg reports.
In addition to his business ventures, Musk is poised to play a significant role in Trump’s administration. He has been nominated to co-head the new Department of Government Efficiency, an opportunity that could further strengthen his influence.
Musk’s artificial intelligence company, xAI, has also seen impressive growth, doubling its value to $50 billion since its fundraising efforts began in May, partly driven by Trump’s election win, according to the Wall Street Journal.
Meanwhile, SpaceX reached a new financial milestone. On Wednesday, the company and its investors completed a deal worth $1.25 billion, purchasing shares from employees and insiders. This move valued the privately held company at $350 billion, making it the most valuable private startup in the world.
As SpaceX’s revenue is heavily tied to government contracts, the Trump administration’s policies are expected to benefit the company. During the election campaign, Trump expressed his support for Musk’s vision of sending astronauts to Mars, even joining him at a SpaceX launch in Texas after the election.
With these significant gains, Musk continues to solidify his position as one of the most influential figures in the business world.
