Elon Musk becomes first person to reach $400 billion in net worth

Washington: Elon Musk became the first person to reach $400 billion in net worth, the latest milestone for the world’s richest individual.

The most recent catalyst was an insider share sale of his privately held SpaceX, which boosted Musk’s net worth by roughly $50 billion, according to the Bloomberg Billionaires Index. Tesla Inc. shares also rallied to an all-time high Wednesday, pushing Musk’s fortune to $447 billion.

Musk’s one-day wealth jump of $62.8 billion is the largest on record, and helped propel the combined fortunes of the world’s richest 500 people above $10 trillion, also for the first time, according to the index.

The group’s net worths are similar in size to last year’s combined gross domestic products of Germany, Japan and Australia, according to data compiled by the World Bank. Musk has added about $218 billion to his net worth since the start of 2024, more than any other member of the group.

Tesla shares, which make up the bulk of Musk’s fortune, have gained 71 per cent this year and closed Wednesday at $424.77, their first record high since 2021.

Expectations that Trump will streamline the rollout of self-driving cars and eliminate tax credits for electric vehicles that help the company’s competitors has helped buoy Tesla’s stock.

Musk is also slated to occupy a key role in the new administration as co-head of the newly created Department of Government Efficiency. While it will work outside the government, it gives him a bully pulpit in Washington and a direct line to the Oval Office.

Meanwhile, the value of his artificial intelligence startup, xAI, has more than doubled to $50 billion since it last raised money in May, with the Wall Street Journal reporting in November that Trump’s victory helped drive new

interest.