Elon Musk is the world's first billionaire to have total wealth over $400 billion

Elon Musk's total wealth has crossed $400 billion. That makes Musk the world's first billionaire to cross the $400 billion mark. Musk's wealth has jumped tremendously since Donald Trump's victory in the US presidential election. Insider sales of shares of Musk's privately owned company SpaceX have led to a surge in Musk's wealth and Musk's wealth has increased by $50 billion to cross $400 billion.

Shares of Musk's company Tesla Inc. also reached an all-time high on Wednesday taking Musk's total wealth to $447 billion. Musk's wealth recorded a $62.8 billion rise in a day. The combined wealth of the world's richest 500 people reached $10 trillion after this and it happened for the first time in world history. The combined net worth of the five hundred richest people in the world equaled the total of the GDPs of Germany, Japan, and Australia in the previous year according to an estimate by the World Bank.

In 2024, Elon Musk added approximately $218 billion to his total wealth, which was the highest in the rest of the world's rich. Tesla shares, which are the lion's share of Musk's wealth, have risen 71% this year and closed at $424.77 on Wednesday, their highest since 2021. With Trump coming, he is expected to take away the tax credit for electric vehicles, a reason why Tesla's shares may surge further. Musk will head the efficiency department in the Trump government. Though this would not be a government position, it would give Musk direct access to the Oval Office.