CEO of Tesla and founder of SpaceX, Elon Musk has become the first person in history to amass a fortune of more than $400 billion.
His net worth now stands at around $440 billion (£345 billion), according to the Bloomberg Billionaires Index, more than that of Microsoft founder Bill Gates and Amazon's Jeff Bezos combined
A recent share sale at SpaceX played a key role in this milestone, contributing roughly $50 billion to Musk’s wealth and boosting SpaceX’s valuation to $350 billion, making it the world’s most valuable private company. This increase, combined with a surge in Tesla’s stock price, pushed Musk’s net worth to $447 billion.
Tesla shares hit an all-time high of $415, driven by investor optimism about the company’s future in electric vehicles and clean energy following the election of President-elect Donald Trump
Investors have been hopeful about regulatory changes under the new administration that could benefit Tesla, including potential updates to self-driving car regulations and tax policies.
In addition to SpaceX and Tesla, Musk’s artificial intelligence company, xAI, has seen its valuation double to $50 billion since its May funding round, as the company works on developing advanced AI technologies.
While Musk’s financial successes are unprecedented, he has encountered some setbacks. A Delaware court recently struck down his $100 billion Tesla pay package, a rare legal challenge. Nevertheless, this ruling is unlikely to affect Musk’s standing as the world's wealthiest person.
As of December 10, Musk's fortune is $140 billion ahead of Jeff Bezos, the second-richest person on the Bloomberg Billionaires Index. Since early November, Musk has added about $136 billion to his wealth, cementing his position at the global billionaire rankings.