Musk surpasses $400 billion after Space X evaluation

WEB DESK: Elon Musk is now valued at over $400 billion as his space technology company, Space X, doubled in value from a year ago after the company and its investors agreed to buy $1.25 billion worth of stock from its employees.

Following the transaction, SpaceX jumped from a valuation of $180 billion to $380 billion, making it the most valuable private start-up in the world. This boosted Musk’s own net worth from $384 billion to $439.2 billion, according to Bloomberg. Musk is now worth more than $190 billion more than the world’s second wealthiest person, Jeff Bezos.

Musk dumped millions of dollars into president-elect Donald Trump’s campaign earlier this year through his America Political Action Committee (PAC), a move that is now paying dividends as shareholders expect Trump to enact beneficial federal policies. The richest man in the world was also recently named as one of the two heads of the Department of Government Efficiency (DOGE), along with Vivek Ramaswamy.  

Make games great again! Musk’s AI, DEI, and gaming’s future

Tesla, Musk’s electric car company, shares hit a high on Wednesday, closing at $424.77, which is more than a 65 per cent rise since the election. Last month, Musk’s Artificial Intelligence company, xAI, was valued at $50 billion. Musk’s other ventures include Neuralink, a brain implant firm that conducted its first tests earlier this year, the Boring Company, which specialises in infrastructure and tunnel construction, and X, formerly known as Twitter.

The boost in net worth is a huge win for Musk after he suffered a loss at the hands of a Delaware judge who ruled that the richest man in the world could not receive a $56 billion compensation package, now valued at $101 billion, from Tesla because the deal was unfair to shareholders. The package is performance based, meaning Musk is granted stock options if he reaches specific milestones. Musk has forfeited receiving a salary in favour of this agreement.

“Shareholders should control company votes, not Judges.”

Elon Musk

Tesla plans to appeal the decision. Were Musk to receive the compensation passage, his net worth would skyrocket even further to over $500 billion.

What is next for Elon Musk after judge rules against him in Tesla pay case?