According to Bloomberg, Elon Musk’s wealth has recently surged due to one key factor.
With Elon Musk owning companies like SpaceX, Tesla, and Twitter, among others, it’s no surprise that the entrepreneur’s wealth has soared.
This week, he reached a historic milestone, surpassing a net worth of $400 billion, becoming the first person in history to achieve such a remarkable financial feat.
According to the Bloomberg Billionaires Index, Elon Musk’s net worth has skyrocketed to an astounding $447 billion as of December 11, putting him $198 billion ahead of the second richest person, Jeff Bezos, who stands at $249 billion.
However, on Forbes’ rich list, Musk is valued at a “mere” $379.4 billion, which some might consider modest in comparison.
What’s truly remarkable is that just three weeks ago, we reported Musk’s net worth at $315.7 billion, meaning he’s gained a staggering $63.7 billion in just a short span, according to Forbes.
According to Bloomberg, since Election Day, when President-elect Donald Trump dominated the headlines, Elon Musk has become approximately $136 billion richer.
Musk’s influence doesn’t stop at business, though—he even has a role in the White House. In a notable announcement, President-elect Trump declared, “I am pleased to announce that the Great Elon Musk, working in conjunction with American Patriot Vivek Ramaswamy, will lead the Department of Government Efficiency (‘DOGE’).”
Trump elaborated, explaining that Musk and Ramaswamy would be instrumental in helping the administration “dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies,” all in support of the “Save America” movement.
In addition to his work with Tesla, SpaceX, and Twitter, Musk also owns artificial intelligence company xAI, the infrastructure business The Boring Company, and the tech company Neuralink.
Neuralink, in its own words, is currently focused on helping people with quadriplegia gain the ability to control computers and mobile devices with their thoughts.
In addition to his tech ventures, Musk holds a significant stake in cryptocurrency, including Dogecoin, which was originally created as a joke based on the popular internet meme featuring a dog. Interestingly, Musk’s new role as the head of the U.S. Department of Government Efficiency (DOGE) is named after the very memecoin.
Last week, Musk’s record-breaking $56 billion payout was denied for a second time. A judge ruled against the world’s richest man, who was set to receive the massive sum as part of a historic compensation package from Tesla, agreed upon in 2018.
The payout was described in court documents as the largest ever seen in public markets.
However, Judge Kathleen McCormick criticized Tesla’s legal argument as “fatally flawed” and at times “indefensible,” ultimately denying the motion in a detailed 101-page opinion.
