Financial reports and analysis

Elon Musk Hits $400 Billion Net Worth Milestone Amid SpaceX and Tesla Surge

Dec 13, 2024, 12:01 PM

Elon Musk has become the first person in history to reach a net worth of $400 billion, according to the Bloomberg Billionaires Index. This milestone was achieved through a combination of strategic business moves and market conditions. A significant boost came from SpaceX, where a $1.25 billion insider share buy valued the company at $350 billion, with Musk himself purchasing $500 million worth of shares. Tesla's stock also surged, reaching an all-time high of $424.77 per share, further contributing to Musk's wealth. His involvement in the incoming Trump administration, particularly his role as co-leader of the Department of Government Efficiency (DOGE), is expected to provide favorable conditions for his companies, potentially influencing national policies to benefit Tesla and SpaceX. Musk's wealth growth has outpaced other billionaires, with his fortune increasing by more than $218 billion in 2024 alone.