Elon Musk Makes History By Becoming First Person To Exceed $40 Billion In Wealth

Tesla and SpaceX boss Elon Musk's net worth has officially exceeded $400 billion, setting a new record for the world's richest person according to the Bloomberg report.

Elon Musk's jump in networth comes after SpaceX and its investors agreed to purchase as much as $1.25 billion of insider shares in a transaction that valued the rocket and satellite company at about $350 billion.

This transaction alone increased Musk's personal wealth from $50 billion to $440 million, Bloomberg reported.

Musk also managed to amass a great deal of wealth after Donald Trump won last month's presidential election, leading in a huge leap in the prices of Tesla and SpaceX.

Tesa's share price, for example, jumped more than 65% after the 2024 U.S Presidential Election.

Musk has been a prominent political donor and advocate for Trump, with him pumping a whopping $270 million into the republican campaign.

During Trump's campaign, he acted as his sidekick; Musk even invited Trump to watch a rocket launch by his SpaceX company.

Given the intricate relationship between Musk's enterprises and various governments, both domestic and international, his affiliation with Trump has sparked concerns regarding potential preferential treatment.

Musk is also expected a secure a reduction in regulations for Tesla as well as elimination of tax credits on electric vehicles that will punish the car-maker's rivals.

Trump has also selected Musk to be the co-head of the Department of Government Efficiency (D.O.G.E), which is set to deliver billions of dollars of cuts in federal spending and slash government red tape.