Musk’s estimated net worth surpasses USD400 billion

(MENAFN) Elon Musk, the owner or founder of seven companies, including Tesla, SpaceX, and X (formerly Twitter), reached a new milestone this week as his estimated net worth surpassed USD400 billion. According to Forbes magazine's Real-Time Billionaires list, Musk's wealth hit USD429.2 billion, solidifying his position as the world’s richest person.

Musk’s net worth has surged following record-high levels for the shares of both Tesla and SpaceX. Tesla's stock saw a significant jump, with its share price rising 5.9 percent to around USD425 on Wednesday, reaching an all-time high. Tesla shares have increased by more than 70 percent since the beginning of the year, fueled in part by the re-election of Donald Trump as the 47th president of the United States. Additionally, Tesla shares had already gained over 67 percent following Trump’s victory in 2024.

The market gains were also influenced by political factors, including US President-elect Trump’s announcement that Musk and entrepreneur Vivek Ramaswamy would head the Department of Government Efficiency (DOGE). This news likely contributed to the continued rise in Tesla's stock price.

In addition to his gains in Tesla, SpaceX also experienced significant growth, with its value reaching USD350 billion following a new USD1.25 billion share purchase agreement. This move solidified SpaceX’s position as the world’s most valuable private venture, further enhancing Musk’s financial standing and reinforcing his dominance in the tech and aerospace sectors.

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