Elon Musk has hit yet another major milestone in his life.
The billionaire has managed to secure a newfound title after becoming the first person to reach $400 billion in net worth.
According to the Bloomberg Index, there have been several factors at play that have turbocharged the 58-year-old's fortune including President-elect Donald Trump’s win last month, an insider share sale of his privately held SpaceX, which boosted Musk’s net worth by roughly $50 billion as well as the increase in Tesla Inc. shares, pushing Musk’s fortune to a whopping $447 billion.
The outlet reported that not only has Musk now become the first person to surpass $400 billion in terms of net worth, but he also holds the record for the biggest wealth jump in one day, coming in at $62.8 billion.
With this in mind, he's helped to propel the combined fortunes of the world’s richest 500 people above $10 trillion, according to the outlet.
While Musk was already a pretty wealthy guy, 2024 saw him increase his net worth by approximately $218 billion, which is more than any other member of the group of rich folks.
And it's all thanks to Tesla shares, which make up the bulk of Musk’s fortune and have gained 71% this year and closed earlier this week at $424.77, their first record high since 2021.
This was influenced by Donald Trump's latest promise that he would help make self-driving cars more accessible by eliminating tax credits for electric vehicles that aid the company’s competitors, which in turn has increased the value of Tesla shares.
The Bloomberg Index also reported that SpaceX and its investors agreed to purchase $1.25 billion of shares from employees and other company insiders, making the business the most valuable private startup in the world.
The deal holds the space exploration company at $350 billion.
Things continue to get better as the outlet also stated that the value of his artificial intelligence startup, xAI, has more than doubled to $50 billion since it last raised money in May, with the Wall Street Journal adding that Trump’s victory last month helped to drive newfound interest into the company.
Word outside of his own business ventures states that Musk will be dabbling in the world of politics by being assigned as co-head of the newly created Department of Government Efficiency, thanks to the 47th President of the United States.
I mean, at this point, it's probably fair to say that it's Musk's world and we're all just living in it.
