Elon Musk becomes 1st person in history with $400bn net worth

Elon Musk, the CEO of SpaceX and Tesla, has made history by reaching $400 billion in net worth, following a current insider share sale and the US election results, according to Bloomberg report.

As per the report, SpaceX’s inside share sale boosted the net worth of the business by approx $50 billion, making its total net worth $439.2 billion.

In late 2022, the net worth of Elon Musk had seen a decrement of over $200 billion, but as Donald Trump became president last month, Musk gained huge, being among the influential donors and friends of the incoming administration.

Bloomberg reported the stock of Tesla Inc. had increased approx 65% before the election, with the market expecting Donald Trump to simplify the rollout of self-driving cars, eliminating tax credits for electric cars that help the competitors of Tesla. 

Elon Musk has been chosen as the co-head of the newly established Department of government efficiency, going to play a prominent role in Donald Trump’s administration. 

The value of xAI, his Artificial Intelligence company, has doubled as he began raising funds for it in May, getting $50 billion in worth, partially sustained by Trump's victory, as per the Wall Street Journal. 

There was a deal made between SpaceX and its investors, on Monday, buying shares worth $1.25 billion from employees and company insiders, valuing the company at $350 billion, making SpaceX the most valuable private start-up in the world. 

Contracts with the US government are a key determining factor for the company revenue, Trump’s term in office will possibly have a positive effect on the company. In past events, during campaign speeches, Donald Trump has shown support for Elon’s vision of sending astronauts to Mars. The president-elect joined Musk at a launch program of SpaceX in Texas after the election concluded.