Dec 11, 2024 11:35 PM IST
Musk’s net worth has seen a dramatic surge after Donald Trump’s win in the recent US election
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.
Also Read: Amid Musk-Trump bromance, CEO shelling out $100m for beauty mogul’s Palm Beach penthouse minutes away from Mar-a-Lago
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.
Also Read: Elon Musk warns Republicans who don’t align with Trump’s agenda, will make a ‘naughty and nice’ list to monitor actions
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.
Watch: Dad Elon Musk gets advice from son 4-year-old son as he goes to work for Donald Trump.
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.
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