New Delhi: He is the first individual to have a net worth exceeding $400 billion and is given credit to recent insider sales at his aerospace firm, SpaceX, as well as a rally witnessed in the stock of Tesla after recent U.S. elections.
The Bloomberg Billionaires Index indicated that Musk’s net worth surged to a staggering $447 billion after adding approximately $50 billion from the transaction related to SpaceX. The deal made SpaceX worth an astonishing $350 billion, catapulting it to the topmost position of the most valuable private company in the world, according to reports. The stock rise, which reached all time highs at $415 a share, even added to Musk’s wealth during this rise; it shows that investors are highly confident regarding the future prospects for the electric automobile and attendant renewable energy solutions presented by Tesla.
Trump victory marks the start of financial boom for Musk. His company, Tesla, has increased more than 65 percent since the event due to the optimism regarding such prospects of regulatory changes to which Tesla business models benefit. Investors are more thrilled with streamlined regulations regarding the autonomous vehicle and tax reforms intended to benefit Tesla at the expense of losing some of its competitors in the industry.
Other than these space and car businesses, the valuation of Musk’s AI firm, xAI, also went up to twice that of May 2024, at $50 billion. These are sky-rocketing interests and investments in high-level AI technologies.
Despite all those victories, though, Musk took some judicial knocks. Recently, a court in Delaware threw out the electric carmaker’s record pay package worth more than $100 billion for the man himself. It remains yet to be forecasted not to shake his hold on being the world’s richest man.
As of December 10, 2024, Musk’s net worth stands at around $140 billion more than that of Jeff Bezos, who ranks second on the Bloomberg Billionaires Index. Strikingly, since early November 2024, Musk’s net worth has increased by about $136 billion.
