Elon Musk has become the first person to reach $400 billion in net worth, according to a report from Bloomberg’s Billionaires Index. The world’s richest man has seen his net worth rise by 66% since Donald Trump’s victory in the 2024 US election.

The most recent catalyst to Musk’s fortune was an insider share sale of his privately held SpaceX. The sale boosted the head of Trump’s DOGE department’s net worth by roughly $50 billion to $439.2 billion. Since late 2022, Elon Musk’s fortune has grown massively, seeing him dethrone significant players in business with his net worth. After Trump’s election win last month, this surge only got steeper, with Musk playing as one of the president-elect’s biggest supporters financially and on the campaign trail. As a token of appreciation, Trump appointed Musk to his Department of Government Efficiency, tasked with the role of monitoring government spending.

Speaking about his new role in the Trump administration, Musk has shared how he can easily eliminate $2 trillion worth of budget to ensure the smooth functioning of the US economy. “You think we can rip off this wasted $6.5 trillion Biden budget,” he asked. “Well, I think we can do at least $2 trillion. Yeah, yes, two trillion. At the end of the day, you’re being taxed; you’re being taxed—all government spending is taxation.”

Elon Musk’s Companies Follow His Net Worth Climb with Massive Growth

Along with Elon Musk’s net worth rising, his Tesla company also continues to grow in terms of market share value. TSLA stock is up over $414 at press time, a significant 138% climb in the last six months. Musk’s SpaceX, Tesla, and xAI all benefitted from his net worth climb since November. Furthermore, expectations that Trump will streamline the rollout of self-driving cars and eliminate tax credits for electric vehicles have also improved expectations for TSLA.

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On Wednesday, SpaceX and its investors agreed to purchase $1.25 billion of shares from employees and other company insiders. The deal, which values the privately held space exploration firm at about $350 billion, makes SpaceX the most valuable private startup in the world.