Urooj NazirBecause to a roughly 71% increase in the automaker’s shares this year and the skyrocketing valuation of his rocket company SpaceX, Tesla CEO Elon Musk’s net worth surpassed $400 billion on Thursday, according to Forbes’ real-time billionaires list.
Musk owns roughly 13% of Tesla, making him the company’s largest stakeholder. On Wednesday, the EV manufacturer’s stock reached a new high of $424.9, continuing a surge that began after the election on November 5.
An insider sale of SpaceX shares, which Musk leads, also increased his wealth. According to a Tuesday Bloomberg News story, the rocket business and its investors agreed to buy up to $1.25 billion worth of its common shares.
“What’s really crazy about this is that almost no investors wanted to sell shares even at a $350B valuation!” Musk mentioned the Bloomberg news in a response to a post on X.
In order to attract some new investors, SpaceX has lowered the quantity of shares it repurchased from staff members, he continued.
Investors in Tesla have placed a lot of faith in Musk’s friendship with President-elect Donald Trump, expecting that the billionaire will help the automaker shape the policy agenda of the new Republican administration.
In addition to Tesla, Musk is the CEO of Neuralink, a business focused on brain technologies. A business-friendly administration would be advantageous for both SpaceX and Neuralink, as they both rely significantly on government regulations and policies.
In addition to owning the social networking platform X and the tunnel construction company The Boring Company, Musk spent more than a quarter of a billion dollars to help Trump win the election.
With a net worth of $243.7 billion, Amazon founder Jeff Bezos comes in second on the list of billionaires, followed by Oracle co-founder Larry Ellison, who comes in third with $223.4 billion.
