Elon Musk, the world’s richest person, has reached a net worth of $447 billion, according to the Bloomberg Billionaires Index. This milestone was achieved on Wednesday (Dec. 11, 2024), driven by strong performance from his companies, including Tesla and SpaceX.
A significant factor in Musk’s rising wealth is the recent success of Tesla, his electric vehicle company. Tesla’s stock climbed to a record high of $424.88 per share on Wednesday, closing slightly lower at $424.77.
Since Donald Trump’s election win in November, Tesla shares have surged by about 65%. Investors believe that Trump’s policies may help speed up the launch of Musk’s self-driving cars and end tax credits that mainly benefited Tesla’s competitors.
SpaceX’s growth and government contracts
Musk’s space exploration company, SpaceX, has also played a major role in his increasing net worth. On Wednesday, SpaceX and its investors agreed to buy $1.25 billion worth of shares from insiders. This deal pushed SpaceX’s valuation to $350 billion, making it the most valuable private company in the world.
SpaceX earns much of its revenue through federal contracts. Since 2008, the company has received nearly $19.8 billion in contracts from NASA and the Department of Defense to develop rockets and satellites.
Under Trump’s administration, this support is expected to continue. Trump has praised Musk’s mission to land astronauts on Mars and even attended a SpaceX launch after his election victory.
Musk’s support for Trump and government role
Elon Musk supported Donald Trump during his presidential campaign. According to the Federal Election Commission, Musk donated $250 million to Trump’s campaign and related groups. He also spoke in favor of Trump’s policies in key voting states.
After the election, Musk maintained a close relationship with Trump and was selected to lead the new Department of Government Efficiency. Musk proposed during the campaign that this department aims to reduce federal spending.
xAI’s rapid growth
Another company adding to Musk’s wealth is xAI, his artificial intelligence startup. Since its last funding round in May, xAI’s value has more than doubled to $50 billion. The AI company’s success reflects Musk’s growing influence in multiple industries beyond electric vehicles and space exploration.
Jared Isaacman’s ties to Musk
Jared Isaacman, Trump’s pick to lead NASA, also has strong ties to Musk. Earlier this year, Isaacman became the first non-professional astronaut to walk in space during a SpaceX mission. He described SpaceX as “the most innovative, literally impressive organization that I’ve ever seen.”
In 2021, Isaacman invested $27.5 million in SpaceX through his payment processing company, Shift4 Payments. Isaacman, now worth $1.7 billion, founded Shift4 Payments when he was just 16 years old.
Despite his recent success, Musk faced a setback last week when a Delaware judge ruled against his 2018 pay package, now valued at over $100 billion. This was the second ruling against the deal, which Musk called “totally crazy.” However, even if the pay package is revoked, Musk remains the richest person globally.
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