Musk Becomes First Person to Surpass $400 Billion Net Worth, Driven by SpaceX Stake

Elon Musk has achieved an extraordinary financial milestone, with his estimated net worth soaring to over $400 billion, according to Bloomberg News. This marks the first time in history that an individual has reached such a remarkable valuation.

The Driving Forces Behind Musk's Wealth

The surge in Musk's wealth can be attributed to the substantial increase in the value of shares in his various ventures, particularly Tesla, the electric car company, and SpaceX, the rocket company he co-founded. While Tesla has seen a significant rise in its stock value, it is Musk's stake in SpaceX that has played a pivotal role in propelling his wealth to unprecedented heights.

This week, Bloomberg reported a private sale of SpaceX shares, which significantly boosted the market capitalization of the firm to approximately $350 billion, making it the most valuable private startup globally. Notably, Musk is estimated to own 42% of SpaceX, underscoring the substantial impact of his ownership stake on his overall wealth.

Recent Developments

As Tesla's shares reached a new all-time high on Wednesday, Musk's net worth reportedly surged to around $440 billion, according to Bloomberg. Despite fluctuations in Tesla's share price, Musk has maintained his position as the world's wealthiest person since May.

In contrast, a billionaire index tracked by Forbes estimates Musk's net worth at approximately $369 billion, placing him ahead of Amazon founder Jeff Bezos in the second position and Oracle founder Larry Ellison in third place.

Legal Challenges and Political Engagement

Earlier this month, a Delaware judge upheld a ruling that rejected a pay package for Musk approved by Tesla shareholders, citing a conflict of interest. Despite this setback, Musk's net worth has continued to climb, even in the absence of the compensation deal, valued at $100 billion. Musk publicly disagreed with the ruling, emphasizing the importance of shareholders controlling company votes rather than judges on his X social media platform.