Elon Musk has become the first person to reach $US400 billion in net worth, the latest milestone for the world’s richest individual.
Elon Musk has become the first person to reach $US400 billion in net worth, the latest milestone for the world’s richest individual.
The most recent catalyst was an insider share sale of his privately held SpaceX, which boosted Musk’s net worth by roughly $US50 billion in one fell swoop to $US439.2 billion, according to the Bloomberg Billionaires Index.Musk’s fortune has staged a dramatic turnaround since late 2022, when at one point he saw his net worth drop by more than $US200 billion.
Tesla’s stock is up about 65 per cent since before the election, buoyed by expectations that Trump will streamline the rollout of self-driving cars and eliminate tax credits for electric vehicles that help Tesla’s competitors. Musk, 53, aligned himself with Trump in the closing stages of the race, campaigning alongside him in battleground states and personally contributing more than $US170 million to a PAC supporting the Republican candidate. Musk is slated to occupy a key role in the new administration as co-head of the newly createdTesla stock is up 65 per cent since November 4, the day before the election.
The company makes most of its money on contracts with the US government, and can likely depend on more support under a Trump administration. The president-elect lauded Musk’s vision of putting astronauts on Mars in campaign speeches, and joined Musk at a SpaceX launch in Texas shortly after the election.Jared Isaacman, Trump’s pick for NASA head, is a billionaire tech executive who made the first commercial spacewalk on a chartered SpaceX launch in September.
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