Musk's Fortunes Skyrocket: Tesla & SpaceX Propel Him to Wealth Heights

Elon Musk's net worth exceeded $400 billion, driven by a 71% increase in Tesla shares and SpaceX's valuation. As Tesla's largest shareholder, Musk also benefited from a SpaceX share sale. Musk's businesses, reliant on policy, might gain from a favorable administration due to his ties with Donald Trump.

Elon Musk's net worth surpassed $400 billion, as revealed by the Forbes real-time billionaires list. This surge was fueled by a 71% rise in Tesla's share prices this year and the escalating valuation of SpaceX, Musk's rocket company. As Tesla's largest shareholder, Musk holds about 13% of the company's stakes.

This financial leap was further enhanced by a SpaceX insider share sale agreement, allowing the purchase of up to $1.25 billion in common shares. Musk noted that few investors were willing to sell, even at a $350 billion valuation, and SpaceX's strategic move included fewer buybacks to accommodate new investors.

Musk's ventures, including Neuralink, which also rely heavily on government policy, stand to benefit from a business-friendly administration. Musk's relationship with President-elect Donald Trump is anticipated to yield favorable conditions for Tesla and could impact his other enterprises, including X and The Boring Company.

(With inputs from agencies.)