Economy
Elon Musk becomes first person in history to amass $400billion fortune
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.
Mr Musk’s fortune has boomed in the weeks following Donald Trump’s victory in the US presidential election.
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.
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