Elon Musk becomes first person in history to amass $400billion fortune
Elon Musk has made history as the first individual to amass a fortune exceeding $400 billion. According to the Bloomberg Billionaires Index, his net worth now stands at approximately $440 billion (£345 billion), surpassing the combined wealth of Microsoft founder Bill Gates and Amazon’s Jeff Bezos.
Musk’s wealth has seen a dramatic increase in the weeks following Donald Trump’s victory in the U.S. presidential election. A prominent political donor and advocate for Trump during the campaign, Musk is expected to wield significant influence when Trump assumes office in January.
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A key driver of Musk’s financial surge is Tesla’s performance, where he serves as CEO. Shares of the electric car manufacturer have soared by about 65% since the election, fueled by optimism that the new administration might eliminate tax credits benefiting Tesla’s competitors. Tesla stock hit a record high of $420 last night, reflecting sustained investor enthusiasm. Musk’s 12.8% stake in Tesla alone is valued at nearly $172 billion, making it a cornerstone of his wealth.
Beyond Tesla, Musk has also benefited from investor confidence in his other ventures. Earlier this week, SpaceX, his rocket and satellite firm, secured $1.25 billion from investors, valuing the company at approximately $350 billion. This valuation solidifies SpaceX as the most valuable start-up globally and further cement Musk’s position as a transformative figure in technology and innovation.
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Musk’s influence is expected to extend into public policy as he takes on a co-leadership role in the planned Department of Government Efficiency, where he could champion regulatory changes favorable to his businesses.
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The surge in Musk’s wealth marks a remarkable comeback after his net worth fell to $137 billion just two years ago. It showcases his ability to rebound and capitalize on market trends and political developments.
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