Elon Musk has once again made history. His total net worth has now crossed $400 billion, making him the first billionaire in the world to achieve this milestone. Musk’s wealth saw a significant surge after Donald Trump’s victory in the U.S. presidential election. The insider sale of shares in Musk’s privately-owned company, SpaceX, played a crucial role in this increase, adding $50 billion to his wealth and taking it beyond $400 billion.
Net Worth Increased by $62 Billion in a Day
Shares of Musk’s company, Tesla Inc., reached an all-time high on Wednesday, pushing his total net worth to $447 billion. Musk’s wealth grew by a staggering $62.8 billion in a single day. Following this, the combined net worth of the world’s richest 500 people has surpassed $10 trillion, marking a historic first. According to World Bank data, the collective wealth of the world’s top 500 billionaires is now equal to the combined GDP of Germany, Japan, and Australia from last year.
Musk’s Wealth Multiplied in 2024
In 2024 alone, Elon Musk’s net worth has grown by approximately $218 billion, the highest among the world’s wealthy. Tesla shares, which form a significant portion of Musk’s wealth, have risen 71% this year and closed at $424.77 on Wednesday, their highest level since 2021. With Trump’s anticipated policies potentially ending tax credits for electric vehicles, Tesla’s shares may rise even further. Musk is also expected to take on a leadership role in the Trump administration’s efficiency department, though it won’t be a government position. This role will grant Musk direct access to the Oval Office.
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