Analysis from Forbes, Bloomberg, or financial analysts

Elon Musk's Net Worth Hits $428 Billion Amid SpaceX Valuation Surge and Trump's Election Victory

Dec 13, 2024, 12:46 AM

Elon Musk, CEO of Tesla and founder of SpaceX, has become the first person to surpass a net worth of $400 billion, according to Forbes. His wealth surged to an estimated $428 billion, driven by a significant increase in the valuation of SpaceX to $350 billion, making it the world's most valuable private company. Tesla shares have also seen a rise of over 70% since the November 5 presidential election, contributing to Musk's wealth. Musk's fortune has been further bolstered by his stakes in Tesla, SpaceX, and the artificial intelligence startup xAI, valued at $50 billion. His close relationship with President-elect Donald Trump, including his role in the new administration as co-head of the Department of Government Efficiency, is expected to benefit his companies through favorable regulations and policies. Musk's donation of over $200 million to Trump's campaign and the recent SpaceX share buyback have also played a role in his wealth increase.