Elon Musk has reached an incredible milestone by becoming the first person in history to have a net worth of $400 billion. Bloomberg reported this on Wednesday, explaining that the increase in his wealth comes from key developments, such as a big deal with his company SpaceX and the rising value of Tesla shares.

What boosted Musk’s wealth?

Elon Musk's space company, SpaceX, made a new agreement that increased its value to $350 billion. Bloomberg reported that SpaceX and its investors bought $1.25 billion worth of shares within the company, which added $20 billion to Musk's wealth.

Tesla’s stock price played a major role in increasing Elon Musk’s wealth. On Wednesday, Tesla shares reached a record high of $415, continuing a 65% rise since November 5, the day of the US election. Since Musk owns the most shares in Tesla, the rise in its stock value has greatly boosted his net worth.

Elon Musk's support for President-elect Donald Trump during the election is seen as one of the reasons why Tesla's stock has performed so well in the market.

How does Musk compare to other billionaires?

According to Bloomberg’s Billionaires Index, Elon Musk’s wealth has increased by $136 billion since Election Day. He is now $140 billion richer than Amazon founder Jeff Bezos, who is the second richest person in the world. Musk's wealth has grown so much that it has put him far ahead of Bezos.

Elon Musk’s other companies also helped increase his wealth. His artificial intelligence company, xAI, is now worth $50 billion, which is double its previous value. Also, his company, The Boring Company, is gaining attention from investors, although its value has not been made public.

Elon Musk's rise to a net worth of $400 billion shows how powerful he is in technology and business. As his companies like SpaceX, Tesla, and others keep growing, Musk solidifies his place as the richest person in the world.