Elon Musk has become the first person with a net worth of $400 billion. Following an internal stock sale of his privately held SpaceX, Musk's net worth soared by approximately $50 billion to $439.2 billion according to Bloomberg's Billionaires Index.
Tesla (TSLA, Financial) shares rose by 3%, bringing their total increase to about 65% since the U.S. election. Investors anticipate that policy changes expected to streamline autonomous vehicle launches and eliminate electric vehicle tax credits that benefit Tesla's competitors could further boost the company.
Additionally, Musk's AI startup xAI has seen its valuation more than double to $50 billion since its last funding round in May.
