Elon Musk has become the first person in history to amass a fortune of more than $400billion, writes Calum Muirhead.
His net worth now stands at around $440bn (€419bn), according to the Bloomberg Billionaires Index – more than that of Microsoft founder Bill Gates and Amazon’s Jeff Bezos combined.
Mr Musk’s fortune has boomed in the weeks following Donald Trump’s victory in the US presidential election.
During the campaign, the X owner served as a major political donor and advocate for his fellow billionaire, and he is expected to wield considerable influence when Mr Trump takes power early in the new year.
Shares in electric car firm Tesla – where Mr Musk, 53, is chief executive – have surged by around 65% since the election, amid hopes that Mr Trump will eliminate tax credits which have helped competitors in the industry.
And the enthusiasm showed no signs of slowing down last night, as the stock hit another record high of around $420.
Tesla is a major part of Mr Musk’s overall wealth.
His 12.8% stake in the business is by itself worth nearly $172bn.
He is also expected to use his co-leadership of the planned Department of Government Efficiency to push through beneficial changes.
In another boost for Mr Musk, investors agreed earlier this week to buy $1.25bn worth of shares in SpaceX, valuing his rocket and satellite firm at around $350bn – making it the most valuable start-up business in the world.
The surge is a remarkable turnaround for Musk, whose fortune fell to $137bn two years ago.
Photo: Elon Musk. Photographer: Al Drago/Bloomberg via Getty Images
