Musk's net worth surpasses $400 billion after Trump's Nov 5 victory
by By AFPTesla and SpaceX owner and world's richest person Elon Musk's net worth has exceeded $400 billion, according to the Bloomberg Billionaires Index.
This significant rise in wealth came after SpaceX and its investors agreed to purchase up to $1.25 billion in insider shares, which valued the rocket and satellite company at approximately $350 billion. As a result, Musk's fortune surged by $50 billion, bringing it to an estimated $440 billion.
A large portion of Musk’s wealth is tied to the share price of Tesla and the valuation of SpaceX. His fortune has grown substantially since the November US presidential election, with Tesla’s stock increasing by about 65% since Donald Trump’s victory.
Musk, a well-known political donor and supporter of Trump, contributed a significant $270 million to the Republican campaign. He has remained a close ally of Trump, even inviting him to attend a SpaceX rocket launch in Texas.
Musk's companies have numerous ties to both US and foreign governments, leading to concerns that his relationship with Trump could provide him with advantages.
There are speculations that Musk may gain regulatory benefits for Tesla, including reduced oversight and the potential elimination of electric vehicle tax credits, which could disadvantage competitors.
Additionally, Trump appointed Musk to co-lead the Department of Government Efficiency, a new initiative aimed at cutting federal spending and reducing government bureaucracy.