Elon Musk’s net worth has exceeded $400 billion, making him the first person in history to reach such an incredible mark. The growth of Tesla shares, the success of SpaceX and the support of Donald Trump were key factors in this achievement, Bloomberg reports.
Image source: X, Elon Musk
The main reason for his recent rise in capital was primarily the internal sale of SpaceX shares, which was valued at a whopping $350 billion and became the most valuable private company in the world. Thanks to this, the entrepreneur’s fortune immediately jumped by $50 billion and now stands at $439.2 billion, according to the Bloomberg Billionaires Index.
Interestingly, Musk’s condition is very variable. At the end of 2022, the billionaire “lost” more than $200 billion. But recent events contributed to his financial recovery. In particular, Trump’s victory in the presidential election was an important catalyst, as Musk actively supported him, including significant financial contributions to the election campaign. Musk will now take over as co-chair of the new Ministry of Government Efficiency.
In addition, Tesla shares have risen 65% since the election, driven by expectations that self-driving cars will be simplified and tax breaks for Tesla’s competitors will be eliminated. Another factor in the growth of Musk’s fortune was his company xAI, which works in the field of artificial intelligence. Its value has doubled in recent months, reaching $50 billion, and according to the Wall Street Journal, interest in the company has only increased even more since Trump’s victory.
However, as Bloomberg notes, not all recent events have been positive for the businessman. So, last week, a court in Delaware again annulled his compensation package for Tesla management from 2018, which is estimated at more than $100 billion. Tesla has already announced its intention to appeal this decision, and Musk himself called it “absolute corruption” on his social network X . It is worth saying that even if this compensation is lost, Musk will remain the richest person in history.