He’s the first person in the world whose net worth is $439 billion and no prizes for guessing who he is: Elon Musk no less.
Bloomberg says the milestone was crossed after a surge in the stock price of Tesla and a recent valuation boost for SpaceX, which is now valued at around $350 billion following a private share transaction.
Bloomberg says his stake in SpaceX, which is estimated at around 42%, has majorly contributed to his financial leap.
Tesla’s market capitalisation is now $1.315 trillion, which has played a crucial role in boosting his wealth. His artificial intelligence venture xAI has also seen its valuation double to $50 billion this year.
Musk’s financial surge coincides with his political rise as a vocal and visible supporter of President-elect Donald Trump. He not only contributed a quarter of a million dollars to the Trump campaign fund, but personally appeared at his rallies to make a forceful endorsement of Trump.
Two years ago, Musk’s net worth had fallen by $200 billion but his political role has helped. Bloomberg notes that Tesla stock rose by around 65% just before the election, with the markets anticipating the decks being cleared for the rollout on American roads of electric self-driving cars.
There could also be an end to the tax credits that have helped drive Tesla’s EV rivals, says the Bloomberg report.
On Wednesday SpaceX and its investors struck a deal purchasing $1.25 billion worth of shares from employees and company insiders, valuing the privately held company at $350 billion. The deal makes SpaceX the most valuable start-up in the world.
There’s some icing on the cake: in a post on Truth Social, Trump wrote that any person or company investing $1 billion or more in the US “would receive fully expedited approvals and permits including but in no way limited to all environmental approvals. Get ready to rock”
Thirty eight years in journalism, widely travelled, history buff with a preference for Old Monk Rum. Current interest/focus spans China, Technology and Trade. Recent reads: Steven Colls Directorate S and Alexander Frater's Chasing the Monsoon. Netflix/Prime video junkie. Loves animal videos on Facebook. Reluctant tweeter.
