SpaceX and Tesla CEO, Elon Musk, has become the first person in history to reach $400 billion in net worth, after a recent insider share sale as well as the recent US elections results, reported Bloomberg.
According to the Bloomberg Billionaires Index, an inside share sale of his company SpaceX boosted the business mogul’s net worth by approximately $50 billion, bringing his total net worth to $439.2 billion.
In late 2022, Musk’s net worth had seen a decrease of more than $200 billion, however las month when Donald Trump was elected president, Musk saw huge gains, being one of the most influential donors and ally to the incoming administration.
Tesla Inc.’s stock has increased approximately 65 per cent since before the election, with markets anticipating that Donald Trump will streamline the rollout of self-driving cars and eliminate tax credits for electric vehicles that help Tesla’s competitors, reported Bloomberg.
Elon Musk will also play a key role in president-elect Donald Trump’s administration, after being nominated as the co-head of the newly formed department of government efficiency.
His artificial intelligence company, xAI, has doubled in value since he started fundraising for it in May, reaching $50 billion in worth, partially buoyed by the Trump victory, according to the Wall Street Journal.
On Wednesday, SpaceX and its investors made a deal, purchasing $1.25 billion worth of shares from employees and company insiders, valuing the privately held company at $350 billion. The deal makes SpaceX the most valuable private startup in the world.
Since the company revenue relies on contracts with the US government, Trump’s term in office is likely to have a positive effect on the company.
In previous events, the president-elect has shown support for Musk’s vision of putting astronauts on Mars during campaign speeches. Donald Trump also joined Elon Musk at a SpaceX launch in Texas after the election concluded.