Elon Musk, CEO of Tesla and SpaceX, has achieved an unprecedented milestone by becoming the first individual in history to surpass a net worth of $400 billion. As of December 11, 2024, his wealth reached $447 billion, significantly outpacing other billionaires such as Jeff Bezos, who stands at $249 billion.
This remarkable increase in Musk’s wealth is largely attributed to the soaring stock prices of his companies. Tesla’s shares hit a record high of $424.77, marking a 67% rise since the U.S. presidential election on November 5. Additionally, SpaceX’s valuation surged to $350 billion following a recent agreement among investors to purchase $1.25 billion in internal shares.
Musk’s close collaboration with President-elect Donald Trump has also played a role in this financial ascent. He publicly endorsed Trump in July and contributed hundreds of millions of dollars to support the Republican candidate’s campaign. In recognition of his support, Musk has been appointed to lead the Government Efficiency Agency (DOGE) alongside entrepreneur Vivek Ramaswamy, aiming to streamline the federal government’s operations.
Beyond Tesla and SpaceX, Musk’s other ventures, including the artificial intelligence startup xAI, have experienced significant growth. The company’s valuation doubled to $50 billion after a recent funding round, further bolstering Musk’s financial standing.
