NEW YORK, Dec 12: Elon Musk has reached a new milestone, becoming the first person in history to amass a net worth of $400 billion, according to Bloomberg. This achievement follows a nearly $20 billion surge in his wealth, largely driven by a deal that increased the valuation of his rocket company, SpaceX, to approximately $350 billion. The deal saw SpaceX and its investors agree to purchase up to $1.25 billion in insider shares.

While SpaceX typically does not respond to media inquiries, CNN reached out to the company for comment.

Musk's fortune has soared since the 2024 US presidential election, fueled in part by his partnership with President-elect Donald Trump, which has placed his business ventures in the spotlight. Musk, who serves as CEO of Tesla and SpaceX, also owns X, Neuralink, xAI, and the Boring Company. He is set to co-lead a new "Department of Government Efficiency" (DOGE) with Vivek Ramaswamy, a name inspired by a popular memecoin.

Tesla's stock reached a record high on Wednesday, closing at $424.77. As Tesla’s largest individual shareholder, Musk has benefited from the company's stock increase, which is partly attributed to broader market growth, with NASDAQ hitting 20,000 for the first time. Since Election Day, Tesla’s stock has surged by about 65%, fueled by investor optimism that Musk's role in the Trump administration will lead to favorable deregulation for the company.

Additionally, Musk's AI startup, xAI, saw its valuation soar in November, more than doubling to $50 billion following a new funding round, according to the Wall Street Journal.

Since November 5, Musk's net worth has increased by approximately $136 billion, as per the Bloomberg Billionaires Index. While the rankings of the world’s wealthiest individuals often shift, Musk is significantly outpacing his peers. As of December 10, he was $140 billion wealthier than the second-richest person, Amazon founder Jeff Bezos.

Musk’s record-setting pay package, valued at $101 billion and approved by Tesla shareholders, was rejected by a Delaware court last week. Bloomberg’s wealth calculation still appears to factor in the pay package, now worth up to $120 billion based on the current Tesla stock price.

Regardless of these developments, Musk’s wealth continues to grow, with multiple avenues for further accumulation in the years to come.