Elon Musk's Net Worth Goes Past USD 400 Billion

Elon Musk, the world's richest individual, has reached a new milestone by surpassing a net worth of USD 400 billion. This significant increase, primarily attributed to a recent insider share sale at SpaceX, has propelled his wealth to an estimated USD 439.2 billion.

Musk's fortune has experienced a remarkable resurgence since late 2022, recovering from a substantial decline of over USD 200 billion. However, the most substantial surge has occurred post-election, with Musk emerging as a key supporter of the new administration.

Tesla's stock value has seen a 65 per cent increase since the election, fueled by expectations of government support for self-driving car technology and potential reductions in tax credits for competing electric vehicles. Musk's appointment as co-head of the newly established Department of Government Efficiency has solidified his influence and granted him direct access to the Oval Office.

Additionally, Musk's artificial intelligence venture, xAI, has witnessed its valuation double since its May funding round, reaching USD 50 billion. The Wall Street Journal has attributed this surge to the increased interest following the election.

SpaceX, valued at USD 350 billion, has recently acquired shares from employees and insiders for USD 1.25 billion, solidifying its position as the world's most valuable private startup. The company's close ties with the US government, as evidenced by its numerous government contracts, are likely to further strengthen under the new administration. The president-elect's public endorsement of SpaceX's Mars mission and his attendance at a recent launch further emphasises this support.

Jared Isaacman, the newly appointed NASA head, is a billionaire tech executive with a strong affiliation with SpaceX. His previous investment in the company and his experience with the company's commercial spacewalk further highlight the close relationship between SpaceX and the new administration.

Despite a recent legal setback regarding his 2018 Tesla pay package, Musk remains the world's richest person by a significant margin. Tesla plans to appeal the court's decision, which Musk has publicly condemned as "absolute corruption."

Also Read: Elon Musk’s $1 Million-A-Day Pro-Trump Giveaway Draws DOJ Scrutiny