Elon Musk, CEO of Tesla and SpaceX, has reached a new milestone as his net worth surpassed $400 billion, according to the Bloomberg Billionaires Index. This achievement was reported on Wednesday, making Musk the world’s richest person.
The surge in his wealth came after SpaceX and its investors agreed to buy up to $1.25 billion in insider shares, valuing the rocket and satellite company at approximately $350 billion. This deal boosted Musk’s personal wealth by around $50 billion, bringing his total net worth to $440 billion, Bloomberg reported.
Musk’s fortune, primarily driven by the value of Tesla shares and SpaceX’s valuation, also saw a significant increase following Donald Trump’s victory in the US presidential election last month. Tesla’s share price has risen about 65 percent since the November election.
A major political donor and supporter of Trump, Musk contributed $270 million to the Republican’s campaign. He has remained a close ally of Trump, even inviting him to witness a SpaceX rocket launch in Texas.
Musk’s business interests are closely intertwined with US and foreign governments, and his strong ties with Trump have raised concerns that Musk could leverage his position to benefit his companies. He is also expected to push for regulatory reductions for Tesla and the removal of tax incentives for electric vehicle competitors.
Trump has appointed Musk to co-lead the Department of Government Efficiency, which aims to cut billions in federal spending and reduce government bureaucracy.