Tesla CEO Elon Musk has shattered records to become the first person with a net worth exceeding $400 billion, according to Bloomberg News.
Musk’s wealth, previously estimated at $384 billion by the Bloomberg Billionaires Index, surged following an insider share sale of his space exploration company, SpaceX. The sale reportedly added $50 billion to his fortune, bringing his total net worth to an eye-popping $429.2 billion.
For comparison, Amazon founder Jeff Bezos, the world’s second-richest individual, trails far behind with a net worth of $244 billion, per Bloomberg’s rankings.
A Post-Election Wealth Surge
Musk’s financial ascent has accelerated since the November 5 presidential election, with President-elect Donald Trump’s victory bolstering investor confidence in Tesla. Musk’s significant contributions to Trump’s campaign have fueled speculation that federal policies under the new administration could favor the electric vehicle industry.
Tesla shares have skyrocketed nearly 70% since the election, driving the value of Musk’s Tesla stake to $165 billion.
Breakdown of Musk’s Wealth
Musk’s fortune is spread across multiple ventures:
- Tesla: His stake in the electric vehicle company remains the cornerstone of his wealth, valued at approximately $165 billion.
- SpaceX: Before the recent insider share sale, his holdings were worth $82 billion, a figure that has now surged further.
- xAI: Musk’s artificial intelligence company contributes another $25 billion to his portfolio.
- Other Ventures: Musk’s assets also include X (formerly Twitter) and the Boring Company.
A Role in Trump’s Administration
In addition to his business empire, Musk has been tapped as co-head of the Trump administration’s newly created Department of Government Efficiency. While not an official government body, the group aims to provide recommendations on reducing federal spending.
Musk’s historic financial milestone and his growing influence in both the private and public sectors solidify his position as a global powerhouse in technology and innovation.
