Elon Musk marks a new milestone by achieving a net worth of an astonishing $400 billion.
Elon Musk marks a new milestone by achieving a net worth of an astonishing $400 billion.
Elon Musk's fortune has reached an unprecedented $400 billion, as per Bloomberg's latest report.
Significantly contributing to this increase was a transaction that significantly boosted SpaceX's valuation to approximately $350 billion, Bloomberg announced on Tuesday. The agreement entailed SpaceX and its investors purchasing up to $1.25 billion worth of insider shares.
CNN has reached out to SpaceX for a statement, but the company usually refrains from responding to media inquiries.
Post the 2024 US presidential election, Musk witnessed a substantial rise in his personal wealth.
An association with President-elect Donald Trump has propelled his ventures into the limelight. Musk, being the CEO of Tesla and SpaceX, as well as the proprietor of X and the leader of various other projects such as Neuralink and xAI, and the Boring Company, will now oversee a new "Department of Government Efficiency" (DOGE), named after a popular cryptocurrency meme.
Tesla's shares spiked to a record $415 on Wednesday. Since the elections, Tesla's stock has witnessed a staggering 65% increase due to investors' belief that Musk's influence in the Trump administration will bring about an era of deregulation that will be beneficial for the company, making Musk Tesla's largest individual shareholder.
Musk's AI startup, xAI, also witnessed a substantial surge in value in November, more than doubling during a recent funding round, reaching $50 billion from its previous value, according to the Wall Street Journal.
Since November 5, the world's wealthiest man has gained roughly $136 billion, as per the Bloomberg Billionaires Index.
Despite the top positions on the billionaires index regularly shifting, Musk is now racing past his affluent counterparts. As of December 10, before his wealth soared to $400 billion, he was already $140 billion richer than the second-wealthiest individual on Earth, Jeff Bezos, the founder of Amazon.
Musk's record-breaking Tesla-shareholder-approved remuneration package, worth $101 billion, was refused by a Delaware court last week.
However, Musk will continue to enjoy his wealth with several opportunities to significantly increase his fortune in the upcoming years.
The association with President-elect Donald Trump has brought Musk's businesses into the spotlight, potentially leading to further opportunities for growth. Following the 2024 US presidential election, Musk's personal wealth saw a substantial rise due to investors believing in the potential deregulation benefits for his companies under the new administration.