Tesla, SpaceX, and xAI Propel Musk to Unprecedented Heights as Shares Soar and Private Space Firm Gains Value
Elon Musk has made history by becoming the first person ever to reach a net worth of $400 billion, according to the Bloomberg Billionaires Index. This extraordinary achievement was driven by a surge in the value of Tesla, his electric vehicle company, and a major insider share sale at SpaceX, his privately held space venture.
On Wednesday, Tesla’s stock reached an all-time high, closing at a record $424.77 per share. The value of Musk’s stake in Tesla has contributed significantly to his record-breaking net worth. However, it was the sale of shares within SpaceX, which made its valuation soar, that played a pivotal role in pushing Musk’s wealth beyond the $400 billion mark. The transaction pushed his net worth up by a staggering $50 billion, bringing his total fortune to an estimated $439.2 billion.
Musk’s remarkable comeback follows a tumultuous period in 2022, when he lost between $180 billion and $200 billion due to a significant drop in Tesla’s stock price. This setback came after Musk’s acquisition of Twitter (now X), which further strained his financial standing. However, since then, Musk’s fortunes have rebounded, bolstered by the increasing value of his diverse business empire, including Tesla, SpaceX, xAI, and X (formerly Twitter).
The latest surge in Musk’s wealth coincides with the rise of xAI, his artificial intelligence startup, which has seen its value double to $50 billion since its last fundraising round in May. SpaceX, which has long been supported by government contracts, has also garnered attention as its valuation hit $350 billion after a $1.25 billion purchase offer from investors.
Musk’s significant stake in Tesla and SpaceX has led to his prominence in both the tech and space industries. SpaceX, the most valuable private startup in the world, continues to generate substantial revenue through federal contracts, with NASA and the Department of Defense paying nearly $19.8 billion for the company’s rockets and satellites since 2008. This support is expected to grow further under the incoming Trump administration, which has praised Musk’s ambitious goals, including landing astronauts on Mars.
Musk’s rise to $400 billion in net worth marks a milestone in the world of business, technology, and space exploration. His wealth, supported by his innovative companies and significant partnerships, cements his position as one of the most influential figures in modern industry.
