Elon Musk is the first person to have a net worth of $400 billion, Bloomberg reported.
An insider share sale of his privately held company Space X boosted his net worth by $50 billion to $439.2 billion, according to the Bloomberg Billionaires Index.
In late 2022, Musk's net worth plunged by more than $200 billion, but it has been heavily boosted by President-elect Donald Trump winning reelection to another term, Bloomberg said. Musk spent millions to help Trump get elected and also appeared at his rallies.
Since the election, Tesla Inc.'s stock is up 65%, with the hopes that Trump will streamline the rollout of self-driving cars and eliminate tax credits for electric vehicles that help Tesla's competitors, according to Bloomberg.
Trump named Musk and former presidential candidate Vivek Ramaswamy to lead the Department of Government Efficiency, an advisory commission designed to curb government waste.