Elon Musk becomes world's first person to reach net worth of $400bn

According to a Bloomberg News estimate, billionaire and SpaceX CEO Elon Musk has a net worth of over $400 billion. Musk achieved this milestone, making him the first person in history to do so.

Shares of Tesla, the electric vehicle firm owned by Musk, have seen a sharp increase in value in recent months. Musk's wealth has surpassed $400 billion thanks in part to his privately owned ownership of SpaceX. 

Musk has repeatedly been the richest person in the world, although he has occasionally stumbled because of the volatility of the Tesla stock price. Musk has maintained his position at the top since May. 

What led to Musk's surge in wealth

As reported by Bloomberg, Musk's $20 billion jump in wealth has been because of a shoot-up in the valuation of his rocket company SpaceX to roughly $350 billion after the finalisation of a deal.

SpaceX and its investors took the decision to purchase around $1.25 billion of insider shares.

The fortune of Musk increased by 77 per cent since the victory of Donald Trump in the US elections. With the new growth in Trump's net worth, the wealth of the 500 richest people in the world now exceeds $10 trillion. 

This year, Musk spent a quarter of a billion dollars on the election campaigns of US President-elect Donald Trump. 

Musk is the chief executive of SpaceX and Tesla and is the owner of X. He is the CEO of other ventures like the Boring Company, Neuralink and xAI. 

Musk, along with Vivek Ramaswamy, will now head the new “Department of Government Efficiency” (DOGE) in the US government. The new department has been named after a memecoin.

As per Forbes, the net worth of Musk is around $369 billion. In the billionaire index, Amazon founder Jeff Bezos stands at No. 2 and Oracle co-founder Larry Ellison holds No. 3 position.