Tesla CEO Elon Musk’s net worth crossed $400 billion on Thursday, according to the Forbes real-time billionaires list, fueled by a 71% surge in Tesla’s shares this year and the growing valuation of his aerospace company, SpaceX.
Musk, Tesla’s largest shareholder with a 13% stake, saw the EV maker’s shares reach a record high of $424.9 on Wednesday, continuing a rally that began after the November 5 election.
His wealth also received a significant boost from a SpaceX insider share sale. According to Bloomberg, the company and its investors recently agreed to buy up to $1.25 billion worth of common shares. Musk highlighted the strong demand for SpaceX shares, noting, “Almost no investors wanted to sell shares even at a $350B valuation!” SpaceX reduced its share buybacks from employees to accommodate new investors.
Tesla investors are optimistic about Musk’s potential influence on President-elect Donald Trump’s administration, hoping favorable policies could benefit the automaker. Both Tesla and Musk’s brain-technology startup Neuralink rely heavily on government regulations, which could align with a business-friendly approach under the new administration.
In addition to Tesla, SpaceX, and Neuralink, Musk owns the social media platform X and The Boring Company, a tunnel construction firm.
Trailing Musk on the Forbes billionaire list are Amazon founder Jeff Bezos with a net worth of $243.7 billion, followed by Oracle co-founder Larry Ellison at $223.4 billion.
