Elon Musk’s net worth tops $400 billion, a first for any person. Here’s where he gets his wealth.
Tesla CEO Elon Musk becomes the first person to be worth more than $400 billion according to Bloomberg News.
According to the latest statistics from the Bloomberg Billionaires Index, Musk’s wealth has increased significantly after the internal stock sales of SpaceX, the space exploration company he founded, reaching $384 billion. According to Bloomberg, the sale increased Musk’s net worth by approximately $50 billion, bringing his current net worth to $429.2 billion.
The world’s second-richest man, Jeff Bezos, is worth $244 billion, according to the Bloomberg Billionaires Index.
Musk’s wealth has increased dramatically since the Nov. 5 presidential election, with President-elect Donald Trump’s victory helping boost the tech executive’s wealth. That’s because Tesla shareholders believe Musk’s decision to spend millions on Trump’s candidacy will pay dividends through federal policy, helping the electric car maker.
Where does Musk’s wealth come from?
Tesla shares have soared nearly 70% since the election, raising the value of his stake to about $165 billion, according to Bloomberg.
According to Bloomberg, his stake in artificial intelligence company xAI is worth about $25 billion, while his SpaceX stake was worth about $82 billion before the private sale. His other assets include social media app X and The Boring Company.
At the same time, Musk will serve in a key position as co-chairman of the Trump administration’s newly formed committee. Ministry of Government Efficiency. Despite the name, the organization is not an official government department, although it plans to provide recommendations for cutting federal spending.
