E-Paper
How SpaceX insider deal helped Elon Musk's wealth soar beyond $400 billion mark
Elon Musk’s $62.8 billion single-day wealth jump is the largest ever, pushing the total wealth of the world’s 500 richest past $10 trillion for the first time.
Elon Musk has set a record as the first person to exceed a net worth of $400 billion, as per the Bloomberg Billionaires Index.
A recent insider share sale at SpaceX, his aerospace company, is estimated to have contributed nearly $50 billion to this milestone.
SpaceX recently purchased up to $1.25 billion worth of shares from employees and company insiders, raising its valuation to approximately $350 billion and strengthening its position as the world’s most valuable private startup, Bloomberg reported.
Musk’s single-day wealth increase of $62.8 billion is the largest ever recorded, pushing the total wealth of the world’s 500 richest individuals past $10 trillion for the first time, as per the index.
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This combined net worth rivals the gross domestic products of Germany, Japan, and Australia last year, based on World Bank data.
Since the beginning of 2024, Musk has gained approximately $218 billion in net worth, the highest among the group. Tesla shares, which account for most of his wealth, have surged 71 percent this year, reaching $424.77 on Wednesday, their first record high since 2021.
Anticipation that Trump will fast-track the deployment of self-driving cars and end tax credits benefiting Tesla’s competitors has bolstered the company’s stock.
Musk is also expected to play a significant role in the new administration as co-head of the newly established Department of Government Efficiency.
Although operating outside the government, this position provides him with a prominent platform in Washington and direct access to the Oval Office.
The company earns most of its revenue through contracts with the US government and is likely to receive increased support under a Trump administration. The president-elect praised Musk’s vision of sending astronauts to Mars during campaign speeches and attended a SpaceX launch in Texas shortly after the election.
Jared Isaacman, Trump’s nominee for NASA head, is a billionaire tech executive who completed the first commercial spacewalk on a chartered SpaceX mission in September. He described the company as “the most innovative, truly impressive organisation I’ve ever seen” last month. In 2021, his payments firm invested $27.5 million in SpaceX.
