Tesla and SpaceX CEO Elon Musk recently set a new world record by becoming the first individual to reach a net worth of over $400 billion.
This huge gain was achieved after selling shares in SpaceX, which increased his wealth by $50 billion to a record $439.2 billion.
Musk's financial boost is a significant jump after suffering a massive decline of over $200 billion at the end of 2022.
This strengthening was also driven by Donald Trump's recent US election victory.
Since the US election, Tesla shares have surged around 65%, driven by investor confidence in the Trump administration's potential for self-driving cars and changes to tax initiatives that could hurt Tesla's competitors.
Furthermore, Musk's artificial intelligence venture, xAI, has seen its valuation soar to $50 billion, doubling in value since its last funding.
According to a Bloomberg report, SpaceX reached a $1.25 billion stock buyback deal with its investors on Wednesday, making it the world's most valuable private startup with a valuation of around $350 billion.
This series of strategic financial boosts and political developments has solidified Musk's status as a major power in business and politics.
