{"id":193431,"date":"2024-12-12T02:12:10","date_gmt":"2024-12-12T02:12:10","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/12\/12\/elon-musks-net-worth-tops-400-billion-a-historic-first-times-of-india\/"},"modified":"2024-12-12T02:12:10","modified_gmt":"2024-12-12T02:12:10","slug":"elon-musks-net-worth-tops-400-billion-a-historic-first-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/12\/12\/elon-musks-net-worth-tops-400-billion-a-historic-first-times-of-india\/","title":{"rendered":"Elon Musk’s net worth tops $400 billion, a historic first – Times of India"},"content":{"rendered":"
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Elon Musk (AP file photo)<\/span><\/div>\n<\/section>\n<\/div><\/div>\n

Elon Musk<\/a>, whose wealth has been turbocharged since President-elect Donald Trump\u2019s win last month, became the first person to reach $400 billion in net worth, the latest milestone for the world\u2019s richest individual.
The most recent catalyst was an insider share sale of his privately held SpaceX<\/a>, which boosted Musk\u2019s net worth by roughly $50 billion, according to the Bloomberg Billionaires Index. Tesla Inc. shares also rallied to an all-time high Wednesday, pushing Musk\u2019s fortune to $447 billion.
Musk\u2019s one-day wealth jump of $62.8 billion is the largest on record, and helped propel the combined fortunes of the world\u2019s richest 500 people above $10 trillion, also for the first time, according to the index. The group\u2019s net worths are similar in size to last year\u2019s combined gross domestic products of Germany, Japan and Australia, according to data compiled by the World Bank.
Musk has added about $218 billion to his net worth since the start of 2024, more than any other member of the group. Tesla shares, which make up the bulk of Musk\u2019s fortune, have gained 71% this year and closed Wednesday at $424.77, their first record high since 2021.
Expectations that Trump will streamline the rollout of self-driving cars and eliminate tax credits for electric vehicles that help the company\u2019s competitors has helped buoy Tesla\u2019s stock. Musk is also slated to occupy a key role in the new administration as co-head of the newly created Department of Government Efficiency. While it will work outside the government, it gives him a bully pulpit in Washington and a direct line to the Oval Office.
Meanwhile, the value of his artificial intelligence startup, xAI, has more than doubled to $50 billion since it last raised money in May, with the Wall Street Journal reporting in November that Trump\u2019s victory helped drive new interest.
On Wednesday, SpaceX and its investors agreed to purchase $1.25 billion of shares from employees and other company insiders. The deal, which values the privately held space exploration firm at about $350 billion, makes SpaceX the most valuable private startup in the world.
The company makes most of its money on contracts with the US government, and can likely depend on more support under a Trump administration. The president-elect lauded Musk\u2019s vision of putting astronauts on Mars in campaign speeches, and joined Musk at a SpaceX launch in Texas shortly after the election.
Jared Isaacman, Trump\u2019s pick for Nasa head, is a billionaire tech executive who made the first commercial spacewalk on a chartered SpaceX launch in September. He praised the company as \u201cthe most innovative, literally impressive organization that I\u2019ve ever seen\u201d last month after investing $27.5 million in SpaceX through his payments firm in 2021.
Musk, 53, was handed a piece of bad news last week when a Delaware judge struck down his 2018 Tesla pay package, currently valued at more than $100 billion, for a second time. Tesla said it would appeal the decision, which Musk described as \u201cabsolute corruption\u201d on X. Even if Musk\u2019s compensation award is ultimately clawed back, he would still be the world\u2019s richest person by a long shot.<\/div>\n