Official SpaceX press releases or major financial news outlets

Elon Musk Becomes First Person with $400 Billion Net Worth Amid Trump Victory and DOGE Appointment

Dec 12, 2024, 09:16 PM

Elon Musk has become the first person in history to surpass a net worth of $400 billion, driven by a significant increase in the value of his companies, Tesla and SpaceX. His wealth surged by $58 billion after SpaceX and its investors agreed to buy back insiders' shares in a deal valuing the rocket company at $350 billion. This valuation makes SpaceX the most valuable private company in the world. Musk's fortune has grown by more than $150 billion since the beginning of 2024, largely due to his 13% stake in Tesla, which accounts for the majority of his net worth, and his 42% stake in SpaceX. Tesla shares have risen by more than 70% since the November 5 presidential election, where Donald Trump defeated Kamala Harris. Musk's close relationship with Trump, including his significant financial support for Trump's campaign and his appointment to co-lead the Department of Government Efficiency (DOGE), has further contributed to his wealth increase. Despite some setbacks, such as a Delaware judge voiding his 2018 Tesla pay package, Musk remains the world's richest person by a wide margin, with his net worth now estimated at $428 billion.