Tesla Chief Elon Musk Becomes First Person to Have Networth of More than USD 400 Billion

The net worth of Elon Musk, chief of American electric vehicle (EV) maker Tesla, has exceeded $ 400 billion. Musk, the world’s richest man, is the first person to reach such a net worth. After Donald Trump’s victory in the US elections last month, the share prices of Musk’s companies have increased significantly.

According to the Bloomberg Billionaires Index, Musk’s net worth has increased by about $50 billion from the sale of shares in his rocket company SpaceX. With this their network has increased to more than $439 billion. Musk was among Trump’s major supporters. Tesla’s share price has increased significantly since Trump’s victory. The new Trump-led government in the US may eliminate tax credits for electric vehicles as early as next year. This will cause loss to Chinese EV companies. Tesla can get a big benefit from this. The company may start its business in India soon. The company has again started the search for showroom space in Delhi. Earlier this year, Tesla had postponed its investment plans in the country. The company’s chief, Elon Musk, had postponed his visit to India in April. During this visit, Musk was also to have a meeting with Prime Minister Narendra Modi. A Reuters report states that the company is in talks with DLF regarding showroom space in the capital.

The share price of Musk’s artificial intelligence (AI) startup xAI has more than doubled since raising funding in May. Trump has given the responsibility of the Department of Government Efficiency to Musk and Indian-origin Vivek Ramaswamy. This will be a new department in the American government. This department was initially proposed by Musk.

Trump had said during the election campaign that the new department would reduce the bottlenecks of bureaucracy. Trump had said that the goal of this department would be to reduce bureaucracy, reduce unnecessary regulations, cut unnecessary expenses and restructure federal agencies. However, Musk’s role in this department could also become an issue of conflict of interest. Musk’s Tesla and SpaceX have received billions of dollars from government contracts and policies.