Elon Musk’s net worth has topped $400 billion, making him the first person in the world to reach that threshold and far ahead of the other billionaires tapped for President-elect Donald Trump's incoming administration.
Musk, CEO of Tesla and co-leader of Trump's new DOGE nongovernmental advisory group, has seen his fortune increase 77% since the Nov. 5 election to $447 billion, USA Today reported.
Musk received a bump of $62.8 billion on Wednesday — the biggest one-day jump on record, Bloomberg reported. It came in part from an insider share sale at SpaceX, Musk's space exploration startup, and from Tesla shares, which rallied to a record high.
Tesla shares make up the bulk of Musk’s fortune and have gained 71% this year, per Bloomberg. Tesla's stock has been boosted by expectations that Trump will make it easier for self-driving cars to launch and eliminate tax credits for electric vehicles that help Tesla competitors, Bloomberg reported.
SpaceX, a privately-held company, makes most of its money contracting with the government and could get more support under the Trump administration. Jared Isaacman, Trump’s choice for head of NASA, has praised SpaceX as “the most innovative, literally impressive organization that I’ve ever seen.” Isaacman, a fellow billionaire tech executive, made the first commercial spacewalk on a SpaceX flight in September. According to CNN, he has an extensive partnership with SpaceX, both as a customer and collaborator.
Trump was worth $5.5 billion as of mid-November, per Forbes. According to Fortune, his incoming administration is likely to introduce America’s richest Cabinet in history.
Stephen Feinberg, co-CEO of private equity firm Cerberus Capital Management and worth $8 billion, has reportedly been offered the position of deputy defense secretary. Warren Stephens, head of financial services firm Stephens Inc., is worth $5.1 billion and has been tapped as ambassador to the United Kingdom.
Howard Lutnick, worth $2.2 billion, is head of financial services firm Cantor Fitzgerald. Lutnick is Trump’s nominee for commerce secretary and co-chair of the Trump transition team. Isaacman, appointed to lead NASA, is worth $1.7 billion, Fortune reported.
Vivek Ramaswamy, a former GOP presidential candidate in the 2024 race, is founder of pharmaceutical company Roivant Sciences and worth $1 billion, per Fortune. Trump tapped him to lead the "Department of Government Efficiency" along with Musk.
Frank Bisignano, president and CEO of fintech company Fiserv and worth $1 billion, has been tapped as commissioner for the Social Security Administration.
