Elon Musk, the wealthiest person in the world, just became even richer. According to Bloomberg, Musk’s net worth surged to $400 billion, making him the first individual to reach this mark.
Musk increased his wealth by $20 billion thanks to the stock jump of the electric vehicle company Tesla and insider shares sales in space technology company SpaceX. Musk founded both companies and is currently their CEO.
Tesla stock closed at an all-time high of $424.77 per share on Wednesday after six straight days of gain. The EV company’s shares are 70.99% up year-to-date and reached a record for the first time since 2021.
Meanwhile, SpaceX sold $1.25 billion worth of shares during an insider sale. This gives the company a valuation of $350 billion, making it the most valuable startup in the world.
Bloomberg estimates that Musk’s net worth increased by $62.8 billion on Wednesday, making it the largest one-day wealth gain on record. His total net worth increased by $218 billion in 2024 alone and is now believed to be around $447 billion.
Besides Tesla and SpaceX, Musk’s net worth has also been boosted by ownership of the social media platform Twitter and artificial intelligence startup xAI. While Twitter is now valued at $12.32 billion compared to the $44 billion price Musk paid for it in April 2022, xAI has almost doubled in value in recent months and is now estimated to be worth $50 billion.