The CEO of Tesla and SpaceX, Elon Musk, has seen his net worth exceed $400 billion, according to the Bloomberg Billionaires Index, marking a new record for the world’s richest individual.
This surge in wealth came after SpaceX and its investors agreed to purchase up to $1.25 billion in insider shares, valuing the rocket and satellite company at approximately $350 billion.
The transaction boosted Musk’s personal wealth by around $50 billion, bringing it to $440 billion, as reported by Bloomberg.
Musk’s wealth, primarily driven by Tesla’s stock price and the valuation of SpaceX, saw a significant increase following Donald Trump’s victory in the recent US presidential election.
Since November, Tesla’s stock has risen by about 65%.
Musk has been a major political donor and supporter of Trump, contributing $270 million to the Republican’s campaign.
He has remained a close ally to Trump, inviting him to witness a SpaceX rocket launch in Texas.
Musk’s businesses interact with both US and foreign governments, and his strong ties to Trump have raised concerns about potential advantages for Musk’s interests.
It is also expected that Musk may secure regulatory relief for Tesla, along with the removal of electric vehicle tax credits that could disadvantage his competitors.
Trump has appointed Musk to co-lead the new Department of Government Efficiency, a role aimed at cutting billions of dollars from federal spending and reducing government red tape.