Elon Musk, whose wealth has skyrocketed since Donald Trump’s victory in the presidential election last month, has become the first individual to amass a net worth of $400 billion. This milestone for the world’s richest person was fueled by an insider share sale at SpaceX, his privately held space exploration company, which added approximately $50 billion to his fortune, according to the Bloomberg Billionaires Index. Meanwhile, Tesla Inc. shares surged to a record high on Wednesday, pushing Musk’s net worth to $447 billion.
Musk’s wealth increased by an unprecedented $62.8 billion in a single day—the largest one-day jump ever recorded. This surge also propelled the collective fortunes of the world’s 500 wealthiest people past $10 trillion for the first time, according to the index. To put this in perspective, their combined wealth rivals the 2023 GDPs of Germany, Japan, and Australia, based on World Bank data.
Since the start of 2024, Musk’s net worth has grown by $218 billion, more than any other billionaire. Tesla shares, which form the bulk of his fortune, have risen 71% this year, closing at $424.77 on Wednesday—their first record high since 2021. The stock’s rally has been bolstered by expectations that Trump’s administration will expedite self-driving car adoption and cut tax credits for electric vehicle competitors. Musk is also expected to play a prominent role in the new administration as co-head of the Department of Government Efficiency, a position that provides him influence in Washington and a direct line to the Oval Office.
In addition to Tesla’s performance, the valuation of Musk’s artificial intelligence startup, xAI, has more than doubled to $50 billion since its last funding round in May. The Wall Street Journal reported in November that Trump’s election victory renewed investor interest in the company.
SpaceX has also seen a substantial boost. On Wednesday, the company and its investors agreed to a $1.25 billion insider share purchase, valuing SpaceX at $350 billion, making it the most valuable private startup in the world. SpaceX derives much of its revenue from U.S. government contracts, which are expected to increase under Trump’s administration. The president-elect has praised Musk’s vision for Mars exploration, even attending a SpaceX launch in Texas shortly after the election.
Jared Isaacman, Trump’s nominee to lead NASA, is a billionaire and former SpaceX customer who conducted the first commercial spacewalk on a SpaceX mission. He recently described SpaceX as “the most innovative and impressive organization I’ve ever seen.”
However, Musk faced a setback last week when a Delaware judge invalidated his controversial 2018 Tesla compensation package, valued at over $100 billion. Tesla has said it will appeal the ruling, which Musk denounced as “absolute corruption” on his platform, X. Even if the package is ultimately rescinded, Musk remains the world’s richest individual by a significant margin.