Elon Musk’s web price tops $400 billion, a historic first

U.S. President-elect Donald Trump and Elon Musk
| Photograph Credit score: Reuters

Tesla and SpaceX boss Elon Musk’s web price has surpassed $400 billion, in keeping with the Bloomberg Billionaires Index, setting a brand new milestone on Wednesday (December 11, 2024) for the world’s richest particular person.

The leap in wealth, the enterprise information outlet reported, got here after SpaceX and its buyers agreed to buy as a lot as $1.25 billion of insider shares in a transaction that valued the rocket and satellite tv for pc firm at about $350 billion.

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The transaction elevated Musk’s private wealth by about $50 billion to $440 billion, Bloomberg mentioned.

Musk’s wealth, largely primarily based on the share worth of Tesla and the valuation of SpaceX, already took an enormous leap after Donald Trump received final month’s US presidential election.

Tesla’s share worth is up by about 65% because the vote in November.

Musk has been a distinguished political donor and advocate for Trump, pumping a staggering $270 million into the Republican’s marketing campaign.

He has been an ever-present sidekick for Trump since his election victory, inviting him to look at a rocket launch in Texas by his SpaceX firm.

Musk’s companies all have various levels of interactions with US and overseas governments, and his proximity to Trump has raised considerations that Musk will be capable of give benefit to his personal pursuits.

Musk can also be anticipated to safe a discount in rules for Tesla in addition to elimination of tax credit on electrical autos that may punish the car-maker’s rivals.

Trump has chosen Musk to co-head the so-called Division of Authorities Effectivity, which is about to ship billions of {dollars} of cuts in federal spending and slash authorities pink tape.