2024-12-12 06:35:06 :
Elon Musk made history by becoming the first individual with a net worth of over $400 billion, according to the Bloomberg Billionaires Index. This extraordinary achievement follows a major internal stock sale in his aerospace company, SpaceX, which has contributed to his fortune of approximately $50 billion.
SpaceX insider sells fuel wealth gushing
The latest insider stock sales involve SpaceX buying up to $1.25 billion worth of stock from employees and company insiders, according to Bloomberg. The deal boosts SpaceX’s valuation to about $350 billion, cementing its status as the world’s most valuable private startup.
Following the deal, Elon Musk’s net worth soared to an impressive $439.2 billion, marking a pivotal moment in his financial journey. Bloomberg.
Trump’s victory and Musk’s impact on the stock market
Elon Musk’s wealth has also been significantly affected by the U.S. political landscape, particularly following the election of President-elect Donald Trump.
Shares of Elon Musk’s Tesla have soared about 65% since Donald Trump’s victory, with the stock hitting a record high of $415. Investors are optimistic that Donald Trump’s administration will simplify regulations for self-driving cars and eliminate tax credits that benefit Tesla’s rivals.
Elon Musk’s financial prospects are further bolstered by his close relationship with Donald Trump. He was named co-head of the newly created Department of Government Effectiveness (DOGE), which, while not an official government agency, is expected to provide advice on federal spending and operations.
The rise of Elon Musk’s xAI and other ventures
In addition to SpaceX and Tesla, the valuation of Elon Musk’s artificial intelligence venture xAI has more than doubled to about $50 billion since its last funding round in May.
Elon Musk’s wealth trajectory is extraordinary. His wealth has increased by about $136 billion since November 5, significantly cementing his status as the world’s richest man.
As of December 10, Elon Musk is worth $140 billion more than Jeff Bezos, who ranks second on the billionaire list.
Elon Musk’s latest legal challenges
Despite these financial victories, Elon Musk has suffered a setback, with a Delaware court rejecting his record-setting Tesla compensation package worth more than $100 billion for the second time.
However, even if this compensation is eventually eliminated, Elon Musk will still be able to maintain his status as the world’s richest man.
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