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An unprecedented rise on the list of the richest.
Elon Musk has reached a new milestone in his financial journey by becoming the first person to surpass $400 billion in net worth.
The latest boost to Musk’s fortune came from a SpaceX stock sale that added roughly $50 billion to his wealth. Additionally, Tesla shares hit a closing price of $424.77, the highest since 2021, bringing his total fortune to $447 billion.
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Wealth that grows faster than the world economy
The $62.8 billion daily increase in Musk’s fortune is the largest in recorded history. This breakthrough also helped the combined wealth of the world’s 500 richest people surpass $10 trillion for the first time. This amount is comparable to the combined gross domestic product of Germany, Japan and Australia, according to World Bank data.
Since the beginning of 2024, Musk has accumulated $218 billion, more than any other member of the richest list. Tesla shares, which account for the bulk of his fortune, are up 71% so far this year.
The impact of the Trump administration on Musk’s finances
The shift in American politics following the election of Donald Trump has played a key role in the rise of Musk’s fortune.
Expectations that the new administration will accelerate the adoption of self-driving cars and eliminate tax credits for Tesla’s competitors have boosted its stock value.
We see in the Tesala chart how the shares have appreciated by 139.59% in the last 6 months, and we also notice the pronounced rise, coincidentally, since the date of the US elections: the 5th of November of this year. Source: Google Finance.
Musk will also take a prominent role in the Trump administration as co-chairman of the Department of Government Efficiency. Although this entity will operate outside the government apparatus, it will give Musk a privileged platform in Washington and direct access to the White House.
SpaceX: the most valuable startup in the world
SpaceX’s value has also increased considerably. Last Wednesday, the company and its investors agreed to purchase $1.25 billion in shares from employees and other inside shareholders. This deal valued SpaceX at $350 billion, making it the most valuable private startup in the world.
SpaceX’s main customer is the US government, which provides key contracts for the company.
The Trump administration has expressed support for Musk’s vision of landing astronauts on Mars, a goal the president-elect mentioned in campaign speeches. After the election, Trump even accompanied Musk to a SpaceX launch in Texas.
Jared Isaacman’s role in the relationship between SpaceX and NASA
The relationship between SpaceX and NASA is also strengthened with the appointment of Jared Isaacman as director of the space agency. Isaacman, a billionaire technology executive, participated in the first commercial spacewalk on a SpaceX mission. In 2021, he invested $27.5 million in the company through his payments firm.
Isaacman praised SpaceX as “the most innovative and impressively literal organization” he has ever encountered. His arrival at NASA could pave the way for closer collaboration between the agency and SpaceX.
A judicial setback that does not stop his fortune
Not everything has been positive for Musk. Last week, a Delaware judge for the second time voided the compensation package Tesla awarded him in 2018. The deal, which was valued at more than $100 billion, was declared invalid. Tesla announced that it will appeal the decision and Musk described the resolution as “absolute corruption” through the social network X (formerly Twitter).
Despite this controversy, even if the compensation package is revoked, Musk will remain the richest person in the world, by a considerable margin over the rest of the billionaires.
Its ability to generate wealth seems unstoppable, driven by its participation in strategic sectors such as electric energy, artificial intelligence and space exploration.
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