Elon Musk's net worth tops $400B

ISTANBUL

The estimated net worth of Elon Musk, the owner or founder of seven companies, including electric car giant Tesla, aerospace firm SpaceX and social media platform X, surpassed $400 billion this week, marking a new milestone for the world’s richest person.

After Tesla and SpaceX's shares hit record-high levels, Musk's wealth reached $429.2 billion, according to Forbes magazine's Real-Time Billionaires list.

Musk is followed by Amazon founder Jeff Bezos, who is worth $244 billion, and Oracle founder Larry Ellison, with an estimated net worth of $220 billion.

Shares of Tesla hit an all-time high Wednesday. The company's share price rose 5.9% to around $425.

Tesla shares, which have gained more than 70% since the beginning of this year, have been on the rise after Donald Trump was re-elected as the 47th president of the US.

Tesla shares had risen more than 67% since Trump's victory.

US President-elect Trump's announcement that Musk and entrepreneur Vivek Ramaswamy would lead the Department of Government Efficiency (DOGE) also had an impact on the direction of Tesla shares.

In addition, SpaceX's value rose to $350 billion with a new $1.25 billion share purchase agreement, making it the world's most valuable private venture.