Tesla CEO Elon Musk has become the first person to surpass a net worth of $400 billion. seconds at Bloomberg News.
Musk’s wealth, which the Bloomberg Billionaires Index last counted at $384 billion, increased after a sale of preferred shares in SpaceX, the space exploration company he founded. According to Bloomberg, the sale increased Musk’s net worth by about $50 billion, bringing his current net worth to $429.2 billion.
The world’s second-richest person, Jeff Bezos, is worth $244 billion, according to the Bloomberg Billionaires Index.
Musk’s fortunes have been turbocharged since the Nov. 5 presidential election, with President-elect Donald Trump’s victory helping to boost the tech executive’s wealth. That’s because Tesla shareholders believe Musk’s decision to spend millions on Trump’s candidacy will reap dividends through federal policies that could help the electric vehicle maker.
Where does Musk’s wealth come from?
Since the election, Tesla shares have soared nearly 70%, boosting the value of his stake to about $165 billion, according to Bloomberg.
His stake in xAI, his artificial intelligence company, is worth about $25 billion, while his holdings in SpaceX were worth about $82 billion before the private sale, Bloomberg reported. Its other holdings include X, the social networking app, and the Boring Company.
Meanwhile, Musk will hold a key position as co-head of the new Trump administration. Department of Government Efficiency. Despite the name, the group is not an official government department, although it plans to offer recommendations on how to cut federal spending.