An unprecedented rise in 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 reached a closing price of $424.77, the highest since 2021, bringing his total fortune to $447 billion.
Wealth that grows faster than the world economy
Musk's $62.8 billion one-day increase in fortune is the largest on record. The surge also helped the combined wealth of the world's 500 richest people surpass $10 trillion for the first time. That's comparable to the combined gross domestic product of Germany, Japan and Australia, according to World Bank data.
Since the start of 2024, Musk has amassed $218 billion, more than any other member of the rich list. Tesla shares, which account for the bulk of his fortune, have risen 71% so far this year.
The Trump administration's impact on Musk's finances
The shift in US politics following the election of Donald Trump has played a key role in Musk's rise in fortune.
Expectations that the new administration will speed up the adoption of self-driving cars and eliminate tax credits for Tesla's competitors have boosted its stock price.
Musk will also take on a prominent role in the Trump administration as co-chair of the Department of Government Efficiency. While 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 risen sharply. On Wednesday, the company and its investors agreed to buy $1.25 billion in stock from employees and other insiders. 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 voiced support for Musk's vision of sending astronauts to 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 by the appointment of Jared Isaacman as head 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 literally impressive 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
It hasn't all been positive for Musk. Last week, a Delaware judge for the second time struck down the compensation package Tesla awarded him in 2018. The deal, which was valued at more than $100 billion, was declared invalid. Tesla announced it would appeal the decision, and Musk called the ruling "absolute corruption" via the social network X (formerly Twitter).
Despite this controversy, even if the compensation package is revoked, Musk will still be the richest person in the world, by a considerable margin over the rest of the billionaires.