Tesla CEO Elon Musk's Net Worth Surpasses $400 Billion

(Reuters) – On Thursday, Tesla (NASDAQ:TSLA) CEO Elon Musk's net worth crossed $400 billion, according to the Forbes real-time billionaires list. This remarkable increase is attributed to a nearly 71% surge in Tesla's shares this year and the soaring valuation of his rocket company, SpaceX.

Musk holds the largest share in Tesla, owning about 13% of the company. Tesla's shares reached a record high of $424.9 on Wednesday, continuing a rally that began after the Nov. 5 election.

His net worth also received a significant boost from an insider share sale of SpaceX, which Musk leads. Bloomberg News reported that SpaceX and its investors agreed to purchase up to $1.25 billion of its common shares.

Musk remarked on X, "What's really crazy about this is that almost no investors wanted to sell shares even at a $350B valuation!" Furthermore, he noted that SpaceX has decreased the number of shares it bought back from employees to invite new investors.

Investors are optimistic about Musk's relationship with President-elect Donald Trump, anticipating that the billionaire's influence on the incoming Republican administration's policy agenda could benefit Tesla.

In addition to Tesla, Musk manages brain technology startup Neuralink. Both SpaceX and Neuralink heavily depend on government regulations and policies, positioning them to gain advantages from a supportive administration.

Musk spent over a quarter of a billion dollars aiding Trump's election campaign and also owns social media platform X and tunnel construction company The Boring Company.

Following Musk on the billionaires list is Amazon (NASDAQ:AMZN) founder Jeff Bezos, whose net worth stands at $243.7 billion. Oracle (NYSE:ORCL) co-founder Larry Ellison ranks third with a net worth of $223.4 billion.