In 2024, Elon Musk, world’s richest man, reportedly crossed the impossible milestone and became the first person in history to own a net worth with over $400 billion.Elon Muskcapped off 2024 with an extraordinary boost to his wealth, becoming one of the biggest beneficiaries of the year’s historic surge among the world’s richest billionaires.The net worth of Musk grew by staggering $213 billion this year alone, courtesy his close ties to US President-elect Donald Trump and the rallying performance of Tesla, SpaceX and his other business ventures.

According to Bloomberg’s Billionaire Index, the combined net worth of the world’s 500 wealthiest individuals hit an unprecedented $10 trillion in 2024 with Musk emerging as the standout figure, accounting for more than 13% of the total wealth surge among the top billionaires.

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Gap between Musk’s and Jeff Bezos’ net worth

Musk’s fortune soared by a record $170 billion in 2024–putting him an all-time high dollar amount ahead of Jeff Bezos, the world’s second richest person. By year’s end, Musk’s net worth stood at $442.1 billion, up $213 billion from the start of 2024. The gap between Musk and Jeff Bezos, the world’s second-richest person, reached a record $237 billion, underscoring the sheer scale of Musk’s financial dominance. Bloomberg reported this disparity as the largest ever recorded between the top two billionaires.

This marks a major influence Elon Musk has towards electric cars, space exploration, and artificial intelligence over social media. Donald Trump’s return to the Oval Office fuelled a meteoric rise in Musk’s fortune.

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His public and financial support for Trump’s campaign not only positioned Musk favorably within political circles but also elevated investor confidence in his companies. Tesla’s stock soared more than 65% in the weeks following Trump’s election win. This was fuelled by optimism around Trump’s promises to streamline autonomous vehicle regulations and curb competition from Chinese electric-vehicle makers.

Trump’s pro-business policies and pledges to reduce regulatory constraints on tech and energy sectors spurred optimism, particularly for Musk’s ventures.

How Musk’s friendship with Trump helped him

According to a report in Fortune, Elon Musk’s close ties with Trump paved the path for more direct opportunities. The president-elect’s endorsement of SpaceX’s Mars missions and his vocal support for Musk’s AI startup, xAI, encouraged further investments and government contracts. SpaceX, now valued at $350 billion after a series of insider share sales, saw increased backing from institutional investors betting on Musk’s growing influence in Washington.

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Musk’s aggressive backing of Trump’s campaign—reportedly contributing more than $130 million—signaled his willingness to intertwine his business ambitions with political alliances. Musk’s influence extended beyond financial contributions, with frequent appearances at Trump rallies and direct involvement in shaping policy discussions around AI, space exploration, and clean energy.

Musk is also set to take on a formal role within the Trump administration. He has been tapped to co-lead the newly created Department of Government Efficiency (DOGE), which aims to slash $2 trillion in federal spending. This position cements Musk’s status as a key player in Trump’s economic agenda.