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Elon Musk has officially become the first person in history to surpass a $400 billion net worth, marking a significant milestone in his financial journey. The SpaceX and Tesla CEO reached this remarkable achievement following a surge in his wealth driven by a recent insider share sale and favorable outcomes in the recent U.S. elections.
According to the Bloomberg Billionaires Index, Musk’s fortune saw a dramatic rise after a $50 billion boost from a share sale at his space exploration company, SpaceX, bringing his total net worth to a staggering $439.2 billion. This surge in wealth comes after a difficult 2022, where Musk’s net worth plummeted by over $200 billion.
The pivotal moment for Musk’s financial rebound occurred after the election of Donald Trump as U.S. President. Musk, one of Trump’s most influential donors and allies, benefited greatly from the president-elect’s victory. Since the election, Tesla’s stock has surged by approximately 65%, fueled by optimism that Trump’s administration will streamline the rollout of self-driving cars and remove tax credits for electric vehicles benefiting Tesla’s competitors.
Further bolstering Musk’s fortune is the rise of his artificial intelligence company, xAI, which has doubled in value since fundraising began in May, now valued at $50 billion. According to the Wall Street Journal, this increase in value was also partially driven by Trump’s victory.
In addition, Musk’s private space company, SpaceX, has seen impressive valuation growth. Recently, SpaceX made a deal to purchase $1.25 billion worth of shares from employees and insiders, placing the company’s valuation at $350 billion. This transaction has made SpaceX the most valuable private startup globally.
SpaceX’s financial growth is strongly tied to its contracts with the U.S. government, and experts believe that Trump’s presidency will have a positive impact on the company. Trump has long supported Musk’s vision of sending astronauts to Mars, a theme that he reiterated during his campaign speeches. The president-elect also joined Musk at a SpaceX launch event in Texas after the election concluded.
Musk’s ability to leverage his companies and relationships in the political landscape has solidified his position as one of the most influential and wealthiest individuals on the planet. With SpaceX continuing to grow and Tesla’s stock surging, Musk’s financial empire seems poised for even greater success in the coming years.
Sources By Agencies
