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Elon Musk's Wealth Hits $400 Billion Amid Trump Support and SpaceX Valuation Surge

Dec 16, 2024, 05:00 AM

Elon Musk's net worth has surpassed $400 billion, making him the first person in history to reach this financial milestone. This unprecedented wealth accumulation was largely driven by a surge in the value of his companies, particularly SpaceX, which saw its valuation soar to $350 billion following a significant transaction involving the purchase of shares by investors. Musk's fortune increased by approximately $50 billion in a single day due to this transaction. His wealth has grown by $200 billion in 2024, a year marked by his substantial financial support for President-elect Donald Trump's campaign, contributing at least $277 million. This investment in Trump's reelection and other Republican candidates has been linked to a 77% increase in Musk's wealth since Trump's victory in the November 5 election. Musk's companies, Tesla and SpaceX, have seen their stock prices rise significantly, with Tesla's shares increasing by 65% since the election. Musk's role in the incoming Trump administration, where he will co-lead the Department of Government Efficiency (DOGE), is expected to further influence his companies' growth by potentially reducing regulatory barriers.