Elon Musk Becomes the First Person with Assets Worth Over $400 Billion

Elon Musk, the dynamic entrepreneur and innovator behind Tesla, SpaceX, and xAI, has once again made history. As of Wednesday afternoon, Forbes estimates Musk's net worth to be $428 billion, making him the first individual to surpass the $400 billion mark. This achievement further solidifies Musk's position as the richest person on the planet and marks a new milestone in Forbes' nearly four-decade history of tracking billionaires worldwide. The record increase in wealth Musk's assets skyrocketed an unprecedented $58 billion on Wednesday. This dramatic increase is mainly due to SpaceX's latest valuation of $350 billion. Bloomberg first reported that SpaceX and investors had reached a deal to buy out shares of insiders at this valuation. Musk's 42% stake in the company is now valued at a staggering $147 billion—a 60% increase from the previous valuation of $210 billion in early 2024. This valuation not only makes SpaceX the most valuable private company globally, surpassing ByteDance (the parent company of TikTok), OpenAI (the company behind ChatGPT), and Stripe, but also highlights Musk's dominance in advanced industries. “What's really crazy about this is that almost no investor wants to sell stocks even when the valuation is at $350 billion!” Musk shared on X, the social media platform where he owns 75% of the shares. According to Musk, SpaceX had to reduce the buyback volume to attract new investors. Musk's golden year 2024 is a notable year for Musk, as his assets have increased by over $150 billion since January. A key contributing factor to this growth is his 13% stake in Tesla, currently valued at nearly $170 billion, and his 54% stake in the xAI artificial intelligence company, privately valued at $50 billion in November. Tesla's stock alone has risen by over 70% since the presidential election on November 5, driven by Musk's increasingly close relationship with President-elect Donald Trump. Musk has been heavily involved in Trump's campaign and the subsequent formation of the cabinet, contributing both financially and strategically. Therefore, Musk will co-lead the proposed new Department of Government Effectiveness (DOGE), aimed at rationalizing federal spending and overseeing legal issues affecting his companies. The challenges on the way Despite these achievements, Musk's journey is not without challenges. Earlier this year, a Delaware court invalidated Tesla's controversial 2018 compensation package, which would have granted him additional stock options worth $56 billion at the time. Despite Tesla shareholders voting in June to approve the package again, the court reaffirmed its decision last week. When Musk appealed this ruling, Forbes devalued these stock options by 50%, estimating them at around $60 billion. Clearly ahead of other billionaires Musk's current net worth puts him at $180 billion, surpassing Amazon founder Jeff Bezos, the second richest person in the world. Bernard Arnault, the French luxury goods magnate, had surpassed Musk earlier this year when Tesla's stock declined. However, Musk regained the top position in May and has maintained it since then. The Road Ahead With SpaceX, Tesla, and xAI continuing to thrive, Musk's dominance in the billionaire rankings seems to be safe for now. If his assets continue to grow at the rate of 2024 - a very optimistic scenario - Musk has the potential to become the world's first trillionaire by the end of this decade. This rapid rise highlights Musk's unparalleled ability to innovate and leverage industries from electric cars to space exploration and artificial intelligence. Currently, the world is watching Musk reshape industries and redefine what is possible in the 21st century. DYOR! #Write2Win #Write&Earn $ETH {spot}(ETHUSDT)