WASHINGTON – World’s richest man, Elon Musk, has achieved a new milestone in wealth that is unparalleled.
Bloomberg reported that Elon Musk, the owner of companies like Tesla and SpaceX, has become the first person in the world to amass a net worth of $400 billion.
On December 11, Musk’s wealth increased by $62.8 billion, fueled by SpaceX’s valuation reaching $350 billion and a rise in Tesla’s share prices.
With this increase, Musk’s net worth has climbed to $447 billion, making him $198 billion wealthier than the world’s second-richest person, Jeff Bezos, who holds a net worth of $249 billion.
Elon Musk’s wealth reaches record $348 billion
In 2024 alone, Musk’s wealth has grown by $218 billion, setting a record.
His personal fortune has surged significantly since the U.S. presidential elections, benefiting from his support for President-elect Donald Trump. Musk’s companies have gained from this association, and he is set to lead a new government efficiency agency called DOGE in the upcoming administration.
It may be mentioned here that Musk owns 21% of Tesla shares, which contribute 68% of his total wealth.
Tesla’s share prices have risen by 65% since the presidential elections.
Additionally, the valuation of Musk’s AI-focused company, xAI, doubled in November 2024.
Overall, Musk’s wealth has grown by over $158 billion since November 5, 2024.
In September 2024, a report by Informa Connect Academy revealed that Musk’s wealth has been increasing at an average annual rate of 110%.
The report suggested that if this trend continues, Musk could become the world’s first trillionaire by 2027.
