The world’s richest person Elon Musk on Wednesday became the first person to reach a net worth of $400 billion, according to the Bloomberg Billionaires Index.
The value of shares in Musk’s electric vehicle company Tesla, have increased in recent months – Hit an all-time high of $424.88 per share on Wednesday and closed at a record $424.77.
But it was an insider share sale in Musk’s privately held space firm, SpaceX, that helped push his net worth to new heights — and make his space company the most valuable private startup in the world.
According to the sale, Musk’s net worth increased by $50 billion to $439.2 billion. Bloomberg estimates,
This is a huge comeback for the billionaire businessman who owns Tesla, SpaceX, XAI and X, formerly known as Twitter. Musk faces a loss of $180 billion to $200 billion if Tesla’s stock sinks in 2022.
Musk has seen his net worth increased Since President-elect Donald Trump’s election victory in November.
The tech billionaire was one of Trump’s most powerful and vocal advocates, Huge donation of 250 million dollars to his campaign efforts and to rally pro-Trump PACs and on his behalf in swing states, according to documents filed with the Federal Election Commission.
He remains one of Trump’s close confidants and has been selected to lead the newly-created Department of Government EfficiencyThe aim is to cut federal spending – an idea Musk introduced during Trump’s campaign.
Tesla shares have surged nearly 65% since Trump’s victory as investors hope President-elect Musk will accelerate the rollout of autonomous vehicles and eliminate tax credits for electric vehicle purchases, a policy that has Helped Tesla’s rivals to a great extent.
The value of Musk’s artificial intelligence startup xAIThat has more than doubled to $50 billion since its last fundraising round in May.
According to Bloomberg, on Wednesday SpaceX and its investors agreed to buy stock from insiders in a $1.25 billion buyout offer — bringing the company’s valuation to $350 billion. cnbc,
SpaceX makes most of its money through government contracts. About $19.8 billion in federal contracts to pay for SpaceX’s rockets and satellites has been awarded to NASA and the Defense Department since 2008. According to USA Today,
The space company is likely to receive continued support under the Trump administration. President-elect praises Musk’s goal of landing astronauts on Mars Attended SpaceX launch Immediately after winning the elections.
Jared Isaacman, Trump’s pick to lead NASA, also has close ties to Musk.
he became First non-professional astronaut to walk in space via SpaceX rocket earlier this year and last month called the firm “the most innovative, really impressive organization I’ve ever seen.”
He Invested $27.5 million in SpaceX in 2021 Through its payments firm, according to an SEC filing.
Isaacman, who is worth approximately $1.7 billion according to Forbes, made his fortune from his payment processing company Shift4 Payments, which he founded at the age of 16.
A Delaware judge last week Musk stripped of his “exorbitant” 2018 pay package Whose value is now more than 100 billion dollars. This was the second such decision, which Musk described it as “completely crazy”.
Even if the pay package is cancelled, Musk will still remain the richest person in the world.
