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Elon Musk has once again shattered records, with his net worth now exceeding $400 billion, according to the Bloomberg Billionaires Index. This significant milestone, announced on Wednesday, reinforces Musk’s dominance as the wealthiest person on the planet.
His rise to the top of the financial world reflects not only his pioneering role in Tesla and SpaceX but also his larger impact on industries ranging from renewable energy to space travel.
Business outlets have linked the dramatic increase in Musk’s fortune to a recent deal in which SpaceX and its investors finalized the purchase of insider shares worth up to $1.25 billion.
This move, which valued the aerospace giant at roughly $350 billion, played a pivotal role in propelling Musk’s net worth to new heights, solidifying his standing as one of the most influential figures in modern industry.
Bloomberg reported that the transaction not only bolstered SpaceX’s market value but also pushed Elon Musk’s personal fortune to new heights, with an increase of approximately $50 billion, bringing his net worth to a staggering $440 billion.
Musk’s fortune, primarily driven by the performance of Tesla stocks and SpaceX’s valuation, experienced a significant surge following Donald Trump’s victory in last month’s U.S. presidential election, further amplifying his financial dominance.
Read also: Elon Musk Asks US To Replace Fighter Jets With Drones
Since the November election, Tesla’s share price has surged by approximately 65%, a clear indicator of market optimism. Musk, not only a high-profile advocate for Trump but also a major financial backer, contributed an astonishing $270 million to the Republican’s campaign, underlining his political influence.
He has been an ever-present sidekick for Trump since his election victory, inviting him to watch a rocket launch in Texas by his SpaceX company.
Musk’s businesses all have varying degrees of interactions with US and foreign governments, and his proximity to Trump has raised concerns that Musk will be able to give advantage to his own interests.
Musk is also expected to 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 selected Musk to co-head the so-called Department of Government Efficiency, which is set to deliver billions of dollars of cuts in federal spending and slash government red tape.
