Elon Musk at an event in Pennsylvania in support of candidate Donald Trump. Photo: Ryan Collerd/ AFP/Profimedia
Elon Musk, the innovative genius and founder of Tesla and SpaceX, has made history by becoming the first person to be worth more than $400 billion. According to Bloomberg, the key catalyst for this growth was SpaceX’s internal share offering, which valued the company at $350 billion.
A new level of success for SpaceX
On Wednesday, SpaceX and its investors completed a $1.25 billion share sale, which raised the company’s valuation to an unprecedented level. This made SpaceX the most valuable private startup in the world, further strengthening Musk’s financial dominance.
“SpaceX’s latest stock deal added about $50 billion to its fortune, which now stands at $439.2 billion,” Bloomberg reports.
Politics and business: the effect of Trump’s victory
Donald Trump’s victory in the recent US presidential election also played a significant role in Musk’s rapid rise in wealth. As an active donor and political ally of Trump, Musk has benefited from changes in regulatory policy.
Tesla shares rose 65% after the election, as the Trump administration is expected to promote the development of self-driving cars and review tax breaks for Tesla’s competitors. In addition, Musk may play a key role in the new government, heading the Department of Government Efficiency.
Mars and artificial intelligence in focus
Trump’s support for the SpaceX space programme also contributed to its success. The president-elect praised the idea of colonising Mars, often mentioning it in his speeches. Moreover, the value of Musk’s artificial intelligence startup, xAI, doubled to $50 billion, which is another indication of investor confidence in his visionary projects.
Despite his record-breaking success, Musk is facing difficulties. For the second time, a Delaware court cancelled his 2018 Tesla compensation package, estimated at more than $100 billion. Tesla plans to appeal the decision, and Musk himself called it “absolute corruption”.
However, even without this compensation, Musk continues to hold the title of the richest man in the world. His successes demonstrate how a combination of innovation, strategic vision and political support can transform businesses and create new records in the history of global capital.
