Now close your eyes and imagine what you can do with $400 billion. What specific impact would you have?
Well, Elon Musk doesn’t need to close his eyes. His eyes are wide open, and he has created a humongous wealth of $400 billion.
The 53-year-old billionaire and former South African has made history by becoming the first person to amass a net worth of $400 billion, according to the latest Bloomberg Billionaires Index.
The list has Jeff Bezos of Amazon, Mark Zukerberg of Meta and Larry Ellison of Oracle as first, second and third runner’s up.
Musk’s wealth surged by 66% after President-elect Donald Trump‘s victory in the 2024 US election. Another factor was a $60 billion insider share sale at SpaceX that pushed the company value to over $350 billion, making it the most valuable private startup globally.
Musk’s net worth has grown by $218 billion since the beginning of 2024, exceeding Jeff Bezos’ and Bill Gates’ combined wealth.
The Tesla CEO was already the world’s richest person, but his wealth and influence have skyrocketed since Trump’s victory.
As foretold in the prophecy 🙏 https://t.co/1SaMvlfvpd
— Elon Musk (@elonmusk) December 11, 2024
Musk’s fortune was also boosted by Tesla shares which rallied 138% in six months this Wednesday. Tesla stocks account for a significant portion of Musk’s wealth.
Expectations that Trump will streamline the rollout of self-driving cars and eliminate tax credits for electric vehicles have boosted Tesla’s prospects.
The DOGE Czar Cometh
Musk has developed a close relationship with Trump whom he pumped over $100 million into his campaign. In return, Trump has tapped Musk to take a key position in the new administration as co-lead of the Department of Government Efficiency (DOGE).
Musk wants to eliminate $2 trillion from the US budget deficit in this role. “You think we can rip off this wasted $6.5 trillion Biden budget,” Musk said. “Well, I think we can do at least $2 trillion.“
Tesla light show at the Tesla Delivery Center in Orlando, FL. Welcome to the Tesla family. 🤝 pic.twitter.com/7eNqQAhlOb
— Tesla_Pilot ✌🏼 (@MikeStras350) December 10, 2024
Musk’s appointment to the DOGE has generated curiosity about possible conflicts of interest given his vast public sector interests. However, Musk clarified that he would not work inside the government; instead, he would maintain a direct line to the White House.
But many, especially Democrats, still smarting from the November 5 defeat, are unconvinced. Direct assess to the president in itself is great power over government policy and federal agencies.
Tesla and SpaceX have been awarded billions in federal contracts over the past decade, and Musk’s new role is expected to further boost his companies’ prospects.
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Congratulations is due him! Wealth made throught hardworking, deligence ,ingenuity, creativity and a team of diverse workers. To be the world richest man is not a work in the park. I hope this rise will effect both the tesla and dogecoins in crypto.
I wish him all the best. I pray our African leaders learn, not to enrich themselves by looting their treasuries and improvising their people.