Elon Musk, the CEO of Tesla and the founder of SpaceX, has made history by becoming the first individual to reach a net worth of $400 billion, according to the Bloomberg Billionaires Index.
A recent insider sale of SpaceX stock significantly boosted Musk’s wealth, adding roughly $50 billion to his fortune. This deal raised SpaceX’s valuation to approximately $350 billion, securing its status as the world’s most valuable private company.
Musk’s net worth increased to $447 billion, fueled by the SpaceX share sale and a rise in Tesla’s stock price. Tesla’s shares hit a new peak of $415, driven by investor optimism about the company’s future in electric vehicles and renewable energy.
Musk’s financial success has been closely tied to stock market movements and the broader economy. Since Donald Trump’s election win, Tesla’s stock has appreciated roughly 65%, contributing billions to Musk’s wealth.
Investor optimism has been bolstered by the expectation that Tesla might benefit from potential regulatory shifts under the new administration, including possible changes to self-driving car regulations and tax policies.
The insider share sale at SpaceX involved buying $1.25 billion worth of shares from employees and insiders, as reported.
Musk’s fortune extends beyond SpaceX and Tesla. His artificial intelligence company, xAI, has also seen its value soar, doubling to $50 billion since its last funding round in May. The company aims to advance cutting-edge AI technologies and has garnered attention from global investors.
While Musk’s financial success is exceptional, he has faced some challenges. A Delaware court recently overturned his groundbreaking Tesla compensation package, valued at over $100 billion. Nonetheless, this legal decision is unlikely to have a significant impact on his position as the wealthiest person in the world.
As of December 10, 2024, Musk’s net worth is $140 billion higher than Jeff Bezos’, the second-richest person on the Bloomberg Billionaires Index. Since early November, Musk has added approximately $136 billion to his fortune, further solidifying his dominance in the global billionaire rankings.
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