Elon Musk Becomes Richest Man in Recorded History with a Net Worth of $447 Billion

Elon Musk has reached an unprecedented financial milestone, becoming the wealthiest person in recorded history. With a staggering net worth of $447 billion, Musk’s fortune now surpasses the combined wealth of tech giants Jeff Bezos and Bill Gates.

According to the Bloomberg Billionaires Index, Musk’s wealth saw an astonishing 77% increase following the U.S. presidential election in November 2024. He is now the first person in the world whose total wealth has exceeded $400 billion.

Key Factors Behind Musk’s Wealth Surge

1. SpaceX Valuation Boost
   On Wednesday, Musk acquired $62.8 billion worth of SpaceX shares, bringing its total valuation to an estimated $350 billion. This strategic move significantly bolstered his overall wealth.
2. Tesla’s Stock Performance
   The majority of Musk’s wealth is tied to his holdings in Tesla, whose share prices hit a record high this week. As Tesla’s stock soared, so did Musk’s net worth, making him wealthier than the combined fortunes of Bezos and Gates.
3. Massive Wealth Accumulation in 2024
   Since the beginning of 2024, Musk has added around $218 billion to his net worth. This surge is attributed to Tesla’s stock price rally and increased valuation of SpaceX, both of which benefited from favorable market conditions and investor confidence.

Musk’s Role in U.S. Politics and Influence

Elon Musk’s influence extends beyond the business world and into U.S. politics. His association with former President Donald Trump played a significant role in the recent election. Musk reportedly spent over $100 million to support Trump’s presidential campaign. Additionally, he transformed his social media platform X (formerly Twitter) into a major online amplifier for pro-Trump rhetoric, helping to secure Trump’s victory.

Following Trump’s win, Musk has emerged as a prominent figure in the new administration. While he has not taken an official government role, he will act as Co-Head of the Government Performance Department, giving him direct access to White House officials. This role grants Musk significant influence over key government policies and regulatory decisions that impact his companies, including Tesla and SpaceX.

Criticism and Controversy

1. Federal Influence and Government Contracts
   Critics have raised concerns about Musk’s newfound political influence. Over the past decade, Musk’s companies — including Tesla and SpaceX — have received billions of dollars in federal contracts. Now, with a direct line to the White House, Musk is in a position to potentially influence decisions that benefit his ventures.
2. Controversial CEO Pay Package
   A recent legal battle added to Musk’s controversial public image. Last week, a judge in Delaware ruled to cancel the $100 billion compensation package that Tesla had granted to Musk in 2018. The ruling marked the second time the package faced scrutiny. Tesla has announced its intention to appeal the decision.

Key Takeaways

• Wealth Record: Musk becomes the first person in history to reach a $447 billion net worth, surpassing Jeff Bezos and Bill Gates combined.
• Business Milestones: Significant gains from SpaceX and Tesla stocks fueled his rise.
• Political Power: Musk’s close ties to the Trump administration grant him influential access to federal policymakers.
• Controversies: Legal battles over Tesla’s CEO pay package and questions about Musk’s influence on government contracts remain under the spotlight.

Elon Musk’s meteoric rise in both wealth and political clout has made him a figure of admiration and criticism. As he continues to wield influence in technology, space exploration, and politics, analysts are watching closely to see how his unprecedented wealth and power will shape the global landscape.