Elon Musk, the 53-year-old chief executive officer of SpaceX and Tesla, has been recognised as the first person in history to reach $400 billion in net worth, according to a report of Bloomberg billionaire index. His wealth soared after the stocks of electric car maker Tesla and SpaceX zoomed following the triumph of Republican candidate Donald Trump in the US elections held on November 5.
Reports indicated that an inside share sale of his space company SpaceX catapulted Musk’s fortunes by about $50 billion, helping his net worth soar past the $400 billion mark to reach $439.2 billion.
Musk placed his political bets unerringly
Incidentally, according to current exchange rate, the amount of $439.2 billion well over Rs 37,11,200 crore. That much of Musk’s recent jump in fortunes is attributable to Trump’s victory in clear from figures. The wealth of Elon Musk actually dipped by $200 billion in late 2022. But the sweeping of the US polls when Trump won the race to the White House expanded Musk’s wealth. He had been a close associate with Trump, generously donated to his campaign as well.
First indications from Tesla stock
That Musk’s fortunes will soar was first evident from the movement of Tesla’s stock. It rose by about 65% compared to before the election. The markets could anticipate that Donald Trump will take necessary steps to help market self-driving (or driverless) cars that Tesla is aiming for and that the Republican candidate will remove tax credits for electric vehicles which have proved to be a shot in the arm for Tesla’s competitors. Them Chinese automaker BYD, is incidentally, one of Tesla’s biggest competitors.
Most valuable private startup in the world
On December 11, Musk’s company SpaceX and its investors struck a deal and purchased shares worth $1.25 billion from employees/company insiders. This privately held company has been valued at $350 billion for this exercise. This valuation has also crowned SpaceX as the world’s most valuable private startup in the planet. The revenues of SpaceX is critically dependent on the relations/contracts with the US government.
More reports indicate that the value of Musk’s AI company which is known as xAI, has risen by more than 100% compared to May 2024. That was the time Musk started fundraising. It was also boosted by Trump’s victory.
Elon Musk, who is known to place his technology bets correct, recently immensely benefitted from making his political bets correctly too, when he backed Donald Trump to the hilt in the US presidential elections. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
