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The estimated net worth of billionaire and SpaceX CEO Elon Musk crossed $400 billion, as per an estimate by Bloomberg News.

By crossing this mark, Musk became the first person in the world to reach the milestone.

In recent months, the value of shares of the Musk-owned Tesla electric car company soared high.

It was Musk's privately held stake in SpaceX which has helped push his wealth beyond the threshold of $400 billion.

Musk has time and again held the position of the wealthiest person and seen a stumble down sometimes as the share price of Tesla remained turbulent.

Since May, Musk has continued to hold the No. 1 slot.

What led to Musk's surge in wealth
As reported by Bloomberg, Musk's $20 billion jump in wealth has been because of a shoot-up in the valuation of his rocket company SpaceX to roughly $350 billion after the finalisation of a deal.

SpaceX and its investors took the decision to purchase around $1.25 billion of insider shares.

The fortune of Musk increased by 77 per cent since the victory of Donald Trump in the US elections.

With the new growth in Trump's net worth, the wealth of the 500 richest people in the world now exceeds $10 trillion.

This year, Musk spent a quarter of a billion dollars on the election campaigns of US President-elect Donald Trump. 

Musk is the chief executive of SpaceX and Tesla and is the owner of X. He is the CEO of other ventures like the Boring Company, Neuralink and xAI.

Musk, along with Vivek Ramaswamy, will now head the new “Department of Government Efficiency” (DOGE) in the US government.

The new department has been named after a memecoin.

As per Forbes, the net worth of Musk is around $369 billion. In the billionaire index, Amazon founder Jeff Bezos stands at No. 2 and Oracle co-founder Larry Ellison holds No. 3 position.