Elon-Musk

Musk’s $62.8 billion single-day gain sets unmatched record

 

Elon Musk has set a new milestone in wealth accumulation, becoming the first individual to exceed a net worth of $400 billion, according to the Bloomberg Billionaires Index. Musk’s record-breaking $62.8 billion single-day wealth increase contributed to pushing the combined net worth of the world’s 500 wealthiest individuals past $10 trillion for the first time. This combined figure rivals the GDPs of economic giants such as Germany, Japan, and Australia, based on World Bank data.

 

SpaceX Insider Deal Fuels Musk’s Wealth Surge

 

A recent insider share sale at SpaceX played a pivotal role in Musk’s wealth milestone. The aerospace giant bought up to US$1.25 billion worth of shares from employees and insiders raising its valuation to approximately US $350 billion. This deal strengthened SpaceX's position as the world’s top valued private startup, which as Bloomberg reported boosted Musk’s fortune by an estimated US$50 billion.

Moreover, SpaceX’s growth and immense valuation can be attributed to the US government’s lucrative contracts. Also, adding to the fire is the anticipation of a Trump administration which may proffer more support for SpaceX. The president-elect, a vocal supporter of Musk’s vision to send astronauts to Mars, attended a SpaceX launch in Texas shortly after his election victory.

 

Tesla Stock Rally Adds to Wealth Gains

 

The cornerstone of Musk's fortune, Tesla stock has soared 71% this year, closing at $424.77 on December 11, its first record high since 2021. The market optimism comes from hopes that the Trump administration will quickly move the ball forward on self-driving car deployment and wipe out Tesla competitors' tax credits. Quite a few of these developments have added billions to Tesla’s stock and billions to Musk’s fortune.

Musk’s net worth is now $218 billion higher than $1 billion since the start of 2024, cementing him as the year’s biggest wealth gainer among the richest individuals in the world.

 

Influence in Washington Grows

 

Musk is set to co-head the new Department of Government Efficiency as part of the Trump administration. Outside government, he'll operate in this role with unprecedented direct access to policymakers — including the Oval Office.

SpaceX has also drawn praise from Trump’s nominee to run NASA, Jared Isaacman, who has called the firm “the most innovative, truly impressive organisation that I have ever seen.” Backed by billionaire and commercial spaceflight pioneer Isaacman, that makes five of Musk's supporters who have a history of backing SpaceX, putting the aerospace industry in the hands of one man.

With SpaceX’s soaring valuation and Tesla’s record-breaking performance, Musk’s wealth and influence continue to reshape industries and government alike.