Musk becomes the first person to exceed $400 billion in wealth

The rise in Musk's wealth came following an increase in the valuation of SpaceX and Tesla shares reaching record levels.

According to Forbes magazine's Real-Time Billionaires List, Musk's net worth was recorded at $430.9 billion.

Thus, Musk, the world's richest person, became the first individual to reach a total wealth of $400 billion.

On the billionaires list, Musk is followed by Amazon founder Jeff Bezos with a net worth of $243.7 billion and Oracle founder Larry Ellison with a net worth of $220.9 billion.

Shares of the US electric vehicle manufacturer Tesla reached an all-time high yesterday. The company's share price gained 5.9 percent, rising to $424.77.

Tesla shares, which have gained over 70 percent in value since the beginning of this year, began to rise after the election of Donald Trump, the Republican candidate supported by Musk, as the 47th President of the United States. Tesla shares have risen more than 67 percent since Trump's election victory.

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

Additionally, the valuation of SpaceX reached $350 billion with a new share purchase agreement worth $1.25 billion, making the company the world's most valuable private startup.

News Source: AA