Elon Musk Becomes the First Individual to Surpass $400 billion Net Worth
December 13, 2024 | Investopaper
Tesla CEO Elon Musk has become the first individual to surpass a net worth of $400 billion, as reported by Bloomberg News. His wealth surged from $384 billion to approximately $429.2 billion following an insider share sale of SpaceX, which increased his net worth by about $50 billion.
Musk’s financial gains have accelerated since the November 5 presidential election, particularly after President-elect Donald Trump’s victory. Investors believe Musk’s significant financial support for Trump will yield favorable federal policies for Tesla. Consequently, Tesla’s stock has skyrocketed nearly 70% since the election, raising the value of Musk’s stake to around $165 billion. Tesla’s shares reached a record high of $424.9 on Wednesday.
His other assets include a $25 billion stake in xAI and approximately $82 billion in SpaceX holdings prior to the recent sale. Musk also owns the social media platform X and the Boring Company. In addition to his business ventures, Musk will serve as co-head of the Trump administration’s newly established Department of Government Efficiency, which aims to provide recommendations on reducing federal spending.
Following him on the billionaire list are Jeff Bezos and Larry Ellison, with net worths of $243.7 billion and $223.4 billion, respectively.
