According to the Forbes billionaire list released on Thursday, Tesla CEO Elon Musk has achieved a record-breaking net worth, surpassing $400 billion.
This milestone is attributed to a nearly 71% rise in Tesla’s stock and a surge in the valuation of his rocket company, SpaceX. Musk, who holds approximately 13% of Tesla shares, has benefited from the stock reaching an all-time high of $424.9 on Wednesday. The upward trend in Tesla’s stock began after the November 5 election.
Investor optimism about Musk’s relationship with President-elect Donald Trump has contributed to this growth. Many believe that Trump’s influence on the upcoming Republican administration’s policy agenda could favor Tesla.
Musk’s net worth grew through insider stock sales at SpaceX. The company and its investors agreed to purchase $1.25 billion in common stock, further boosting its valuation.
Musk wrote in a post on X (formerly Twitter), “What’s really crazy about this is that almost no investors wanted to sell shares even at a $350B valuation!” He also noted that SpaceX reduced the number of shares repurchased from employees to attract new investors.
Beyond Tesla and SpaceX, Musk leads Neuralink, a brain technology startup, and owns the social media platform X and The Boring Company, a tunnel construction venture. SpaceX and Neuralink rely heavily on favorable government regulations and policies, which are expected to benefit from a business-friendly administration. Musk reportedly spent over $2.5 billion supporting Trump’s election campaign.
Following Musk, Amazon founder Jeff Bezos ranked second with a net worth of $243.7 billion, while Oracle Corporation co-founder Larry Ellison placed third at $223.4 billion.
Most Commented