Elon Musk remains the wealthiest individual in history, being the first person globally to surpass a net worth of $400 billion

Elon Musk's wealth, assessed at more than $400 billion by both Bloomberg and Forbes, experienced significant growth overnight. His net worth recorded an unprecedented increase of $62.8 billion in a single day, primarily attributed to the SpaceX buyback agreement.

Elon Musk, the world's wealthiest individual, has reached a significant milestone by becoming the first person in history to surpass a net worth of $400 billion. This achievement is largely attributed to the soaring valuations of his investments, particularly a record-setting tender offer at SpaceX and a notable increase in the value of his artificial intelligence company, xAI.

Musk's fortune, estimated to exceed $400 billion by both Bloomberg and Forbes, experienced extraordinary growth overnight following a recent insider share sale at SpaceX. His net worth recorded an unprecedented one-day increase of $62.8 billion, primarily driven by the SpaceX buyback transaction.

The SpaceX share buyback has significantly contributed to the rise in Elon Musk's wealth.

This transaction, which permits employees and insiders to sell their shares, has valued the privately held space exploration firm at $350 billion, making it the most valuable private startup in the world. Musk's 42 percent ownership in SpaceX is now estimated to be worth around $147 billion, according to Forbes.

Tesla continues to be the foundation of Elon Musk's wealth. 

The shares of Tesla, which constitute the majority of Musk's fortune, reached a new all-time high on Wednesday, closing at $424.77. The stock has surged by 71 percent this year, fueled by optimism regarding the policies of President-elect Donald Trump, which are anticipated to facilitate the deployment of self-driving vehicles and potentially remove tax incentives that currently benefit Tesla's competitors.