Elon Musk, the world’s richest person, has become the first to surpass a net worth of $400 billion, fueled by soaring valuations of his key companies—SpaceX, Tesla Inc., and artificial intelligence startup xAI.
According to the Bloomberg Billionaires Index, Musk’s fortune hit $447 billion on Wednesday, while Forbes placed his net worth at $428 billion at 2 p.m. the same day.
The most recent boost came from a SpaceX insider share sale deal that raised the company’s valuation to $350 billion. This increased Musk’s 42% stake in SpaceX to $147 billion, a 60% rise from the company’s previous valuation of $210 billion earlier this year.
Bloomberg first reported the buyback deal, noting that few investors were willing to sell their shares even at the elevated valuation.
“What’s really crazy about this is that almost no investors wanted to sell shares even at a $350B valuation! SpaceX reduced the amount of shares it bought back from employees to allow some new investors in,” Musk posted on X, the social media platform where he owns a 75% stake.
Tesla Inc. also played a crucial role in Musk’s net worth surge. The electric vehicle maker’s shares hit an all-time high on Wednesday, pushing the value of Musk’s 13% stake in Tesla to nearly $170 billion, excluding stock options.
Since January 1, 2024, Tesla shares have climbed more than 70%, boosted by market confidence and Musk’s growing political influence.
Adding to his wealth, Musk’s 54% stake in the artificial intelligence firm xAI was valued by private investors at $50 billion as of November 2024.
Musk has also strengthened his political clout through an increasingly close relationship with U.S. President-elect Donald Trump. He reportedly donated $200 million to Trump’s campaign and actively participated in the campaign’s cabinet nomination process.
He is set to co-head the new Department of Government Efficiency (DOGE), which will advise on cutting federal government expenses. This role could influence regulatory policies that affect Musk’s companies.
Despite these gains, Musk faced a legal challenge earlier this year. In early 2024, a Delaware court voided his 2018 Tesla stock options deal, valued at $56 billion. The same judge reaffirmed the voiding decision last week despite Tesla shareholders voting to reapprove the options pay package in June.
Pending Musk’s appeal, Forbes has discounted the options’ valuation by 50%, placing it at $60 billion.
Musk’s current fortune places him far ahead of other billionaires. He is $180 billion richer than Amazon founder Jeff Bezos, the second-richest person, and has surpassed French luxury goods magnate Bernard Arnault, whose wealth has declined in 2024.
If Musk’s wealth growth continues at the current pace—although highly unlikely—he could become a trillionaire by the decade’s end.
With SpaceX now the most valuable private company in the world, ahead of tech giants like ByteDance, OpenAI, and Stripe, Musk’s influence on the global economy, tech innovation, and even government policy appears destined to grow for the foreseeable future.
