Forbes Billionaires List Reveals Elon Musk’s Net Worth Surpassing $400 Billion – One America News Network
December 12, 2024 – 6:36 AM PST
(Reuters) – On Thursday, Tesla (TSLA.O) CEO Elon Musk’s net worth surpassed $400 billion, according to the real-time billionaire list from Forbes. This remarkable increase was propelled by a nearly 71% rise in the automaker’s stock value this year, alongside the escalating valuation of his aerospace firm SpaceX.
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Musk holds approximately 13% of Tesla, making him the largest shareholder. The company’s stock reached an all-time high of $424.9 on Wednesday, continuing a surge that began after the November 5 election.
His wealth was further enhanced by an insider sale of SpaceX shares. According to Bloomberg News, SpaceX and its investors arranged to buy up to $1.25 billion in common shares.
“What’s really absurd about this is that almost no investors wanted to sell shares even at a $350B valuation!” Musk commented in response to a post on X regarding the Bloomberg report.
He also noted that SpaceX has scaled back on share buybacks from employees to accommodate new investors.
Investors in Tesla are optimistic about Musk’s connection with President-elect Donald Trump, viewing the billionaire’s influence on the forthcoming Republican administration as potentially advantageous for the electric vehicle manufacturer.
In addition to Tesla, Musk operates brain-tech startup Neuralink. Both SpaceX and Neuralink are significantly influenced by government regulation and policies and may stand to gain from a business-friendly administration.
Musk, who invested over a quarter of a billion dollars to support Trump’s election campaign, also owns the social media platform X and tunnel construction company The Boring Company.
Following Musk on the billionaires list is Jeff Bezos, founder of Amazon (AMZN.O), with a net worth of $243.7 billion, while Larry Ellison, co-founder of Oracle (ORCL.N), holds the third position with a net worth of $223.4 billion.
Reporting by Deborah Sophia and Rishi Kant in Bengaluru; Editing by Krishna Chandra Eluri and Anil D’Silva
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