Elon Musk, the visionary CEO of Tesla and SpaceX, has achieved a historic milestone by becoming the first person ever to reach a net worth of $400 billion, according to Bloomberg.

This remarkable achievement is largely attributed to a recent deal that significantly boosted SpaceX’s valuation to approximately $350 billion.

The surge in Musk’s wealth, amounting to nearly $20 billion, coincides with a broader market rally following the 2024 US presidential election.

Investors are optimistic about Musk’s influence within the Trump administration, anticipating deregulation that could benefit Tesla. Tesla shares have soared, closing at a record high of $424.77, contributing to Musk’s increased net worth.

Musk’s success is not confined to Tesla and SpaceX alone. His other ventures, including Neuralink, xAI, and The Boring Company, have also seen substantial growth. His stake in xAI, for instance, has more than doubled in value following a recent funding round.

Despite facing challenges, such as a Delaware court rejecting his record-breaking Tesla shareholder-approved pay package, Musk continues to enjoy unprecedented riches. His net worth now far exceeds that of his closest competitor, Amazon founder Jeff Bezos, by over $140 billion.

This milestone makes Musk’s influence and impact on the tech and space industries, marking a significant moment in the history of wealth accumulation.