Jonathan Wong Tesla CEO Elon Musk has suggested moving the automaker from California to a new location and his reported decision to take up residency in Texas could lead to the company switching to a new HQ soon. (Photo: REUTERS/Hannibal Hanschke/Pool) Elon Musk has become the first person in history to surpass a net worth of $400 billion, according to Bloomberg. The landmark achievement cements Musk's position as the world's wealthiest individual, driven by skyrocketing valuations of his companies, including Tesla and SpaceX. Musk's fortune jumped nearly $20 billion this week after SpaceX, the rocket company he founded, saw its valuation climb to approximately $350 billion. According to Bloomberg, SpaceX and its investors agreed to purchase as much as $1.25 billion of insider shares in a deal that significantly boosted the company's worth. Musk owns an estimated 42% stake in SpaceX, making it the most valuable private startup globally. The recent rally in Tesla shares has also played a crucial role in Musk's wealth surge. Tesla stock reached an all-time high of $424.77 per share on Wednesday, contributing to a broader rise in the NASDAQ, which topped 20,000 for the first time ever. Investors have largely bet on Tesla's favorable positioning in an anticipated deregulation wave under President-elect Donald Trump's administration. Musk, Tesla's largest individual shareholder, has seen his net worth grow by $136 billion since November 5, according to the Bloomberg Billionaires Index. This growth has outpaced his nearest competitor, Amazon founder Jeff Bezos, by a staggering $140 billion. Forbes, which tracks a separate billionaire index, estimates Musk's wealth slightly lower at $369 billion, with Bezos and Oracle founder Larry Ellison trailing behind. Musk's privately held ventures have also contributed to his financial ascent. His artificial intelligence startup, xAI, doubled its valuation in November to $50 billion following a successful funding round. The company is among Musk's portfolio of ventures, which includes Neuralink and the Boring Company. The milestone coincides with Musk's expanding influence in U.S. politics and government. Musk played a significant role in Donald Trump's successful 2024 presidential campaign, reportedly spending nearly $250 million to support Trump's re-election bid. Alongside biotech entrepreneur Vivek Ramaswamy, Musk will oversee a new governmental initiative called the Department of Government Efficiency, or DOGE-a nod to the popular cryptocurrency. Despite his financial success, Musk's career has not been without controversy. Earlier this month, a Delaware court rejected a Tesla pay package worth $101 billion, which had previously been approved by shareholders. The package, which Bloomberg still factors into Musk's valuation, could now be worth $120 billion based on Tesla's current share price. Musk criticized the ruling, stating on X, "Shareholders should control company votes, not judges." Musk's dominance in the world of billionaires has seen its share of fluctuations in recent years, driven by volatility in Tesla's stock price. However, he has held the top spot consistently since May, maintaining his lead even as economic uncertainties impacted global markets. SpaceX's meteoric rise continues to bolster Musk's wealth. The company has secured contracts for high-profile missions, including NASA partnerships, and aims to pioneer the colonization of Mars. Tesla, meanwhile, remains the dominant player in the electric vehicle market, with its stock buoyed by robust demand and optimistic projections for 2025. © 2024 Business Times All rights reserved. Do not reproduce without permission. More From BusinessTImes