Elon Musk becomes the first person to surpass $400 billion in net worth, according to Bloomberg

Elon Musk’s estimated net worth has now surpassed $400 billion, according to an estimate from Bloomberg News — making him the first person ever to achieve such a milestone.

While the value of shares in Musk’s Tesla electric car and robotics company has risen in recent months, it is his privately held stake in SpaceX, the rocket company he co-founded, that has pushed his wealth past the latest threshold.

This week, Bloomberg regardingported that a private sale of SpaceX shares boosted the company’s market value to about $350 billion, making it the most valuable private startup in the world. Musk is said to own 42% of the company.

As Tesla shares hit a new high on Wednesday, Musk’s fortune jumped to $440 billion, according to Bloomberg.

Musk’s position as the world’s richest person has seen some volatility in recent years amid turbulence in Tesla’s share price, but he most recently held the No. 1 since May. A separate billionaire index tracked by Forbes pegs Musk’s net worth at about $369 billion, with Amazon founder Jeff Bezos at No. 2 and Oracle co-founder Larry Ellison at no. 3.

A judge in Delaware this month affirmed an earlier ruling that denied a pay package for Musk that Tesla shareholders had already approved, citing a conflict of interest in their vote.

Still, Musk’s net worth has risen even without the compensation deal, which is now worth $100 billion. Musk expressed his disagreement with Judge Kathleen McCormick’s ruling on the compensation scheme, stating on his X social media platform, “Shareholders should control the company’s votes, not judges.”

Musk spent most of the year focusing on the 2024 election: Federal Election Commission filings show he spent nearly a quarter of $1 billion to help elect Donald Trump to a second term as president.