Elon Musk became the first person whose fortune reached $400 billion, which became a new historical record.
The latest catalyst was an insider sale of shares in his private space exploration company SpaceX, which increased Musk’s wealth by about $50 billion in one fell swoop to $439.2 billion, Bloomberg reports.
Today it became known that SpaceX and its investors have agreed to purchase shares worth $1.25 billion. from employees and other company insiders. The deal, valuing SpaceX at about $350 billion, makes the company the most valuable privately held startup in the world.
SpaceX makes most of its money from contracts with the US government and can likely count on more support under the Trump administration. The price of one share under the deal was $185, which is 65% more than the September estimate of $112. At that time, the value of the entire company was estimated at $210 billion.
It is noted that Musk’s fortune began to grow especially rapidly after Donald Trump’s victory in the US presidential election last month – Musk was his most famous political donor and supporter. In particular:
- Tesla Inc. shares are up about 65% since the pre-election period on expectations that Trump will accelerate the adoption of self-driving cars and eliminate tax breaks for electric vehicles that help Tesla’s competitors.
- The value of his artificial intelligence startup xAI has more than doubled since its last fundraise in May to $50 billion – a Trump victory that has helped spur renewed interest in it.
Musk is expected to play a key role in the administration of the new US president as co-chair of the newly created Department of Government Effectiveness.
Source: Bloomberg
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.