Elon Musk, the CEO of SpaceX and Tesla, has made history by becoming the first individual to surpass $400 billion in net worth, according to the Bloomberg Billionaires Index. This milestone follows a recent insider share sale at SpaceX and favorable market reactions to the U.S. election results.
Musk’s net worth rose by $50 billion, reaching $439.2 billion, thanks to the SpaceX share sale, which valued the private aerospace company at $350 billion. This valuation makes SpaceX the most valuable privately-held startup globally.
Musk, a key ally and donor to President-elect Donald Trump, has seen significant gains in Tesla’s stock value, which surged by 65% since the election. The market anticipates that the new administration will streamline self-driving car regulations and reduce tax credits for Tesla’s competitors.
Additionally, Musk has been nominated as co-head of the Department of Government Efficiency in Trump’s administration, further solidifying his influence. His AI company, xAI, has also doubled its valuation to $50 billion since May, fueled partly by the election outcome.
SpaceX, which heavily relies on government contracts, is expected to benefit from Trump’s tenure, particularly given his support for Musk’s vision of Mars exploration, highlighted by his presence at a SpaceX launch in Texas.
