Elon Musk breaks wealth record: no one has ever had so much money.
American billionaire and inventor, and now also an associate of President-elect Trump, Elon Musk has become the first person in history whose fortune exceeds 400 billion dollars.
Bloomberg reports on this.
The final push came from insider selling of shares in his private company SpaceX, which increased Musk's net worth by about $50 billion in one fell swoop. His entire fortune is now valued at $439.2 billion.
Musk's fortune has changed dramatically since late 2022, when at one point he saw his fortune fall by more than $200 billion. The tide turned in the billionaire's favor after Trump won last month's election, with Max as his biggest donor and fan.
Tesla Inc. shares have risen about 65% since the election, on expectations that Trump will speed up the rollout of self-driving cars and roll back tax breaks for electric vehicles that have helped Tesla's rivals. Musk is expected to play a key role in the new administration as co-chairman of the newly created Office of Government Effectiveness.
The valuation of his artificial intelligence startup xAI has more than doubled since it last raised funds in May, to $50 billion.
Meanwhile, Musk's SpaceX and its investors agreed to buy $1.25 billion in shares. The deal, which values the space exploration company at about $350 billion, makes SpaceX the world's most valuable private startup. The company makes most of its money from contracts with the US government and may be hoping for additional support from the Trump administration.
Musk's acquisition of Twitter was previously reported to have caused the social network's value to drop significantly.
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