Elon Musk has set a new milestone in the history of the world economy. According to a Bloomberg report, he became the first person to own a fortune of $400 billion. The rapid rise in the market value of his companies, Tesla and SpaceX, has played a major role in achieving this milestone.
According to Forbes, the second richest person in the world is Amazon founder Jeff Bezos, whose net worth is currently $249 billion. In third place is Oracle co-founder Larry Ellison, whose net worth is $203 billion.
A number of factors are believed to be behind Elon Musk’s massive rise in wealth, including Tesla’s soaring share price. Tesla’s share price has risen significantly over the past few months. Currently, Tesla’s market cap is around $1.315 trillion.
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According to CNBC, SpaceX’s market value reached $350 billion in recent share trading. Musk’s increase in stake to 42% has had a direct impact on his wealth.
XAI, Elon Musk’s artificial intelligence company, has grown in market value to $50 billion.
Elon Musk’s political activism has also been linked to his increase in wealth. The United States president, Donald Trump, has been re-elected. The US market environment is thought to be advantageous for Elon Musk’s business interests because of his significant contribution to Trump’s election campaign.
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