Elon Musk is the richest person in the world, according to the Bloomberg Billionaires Index, and he is the first billionaire entrepreneur in history to have a net worth of more than USD 400 billion.

Musk recently saw a USD 50 billion increase in wealth thanks to an insider sale of shares in SpaceX, his privately held space technology company. Tesla Inc.'s stock surged to an all-time high of USD 424.77, further increasing Musk's estimated net worth to USD 447 billion (Rs 33.94 Lakh crore).

Competitors behind Elon Musk

Jeff Bezos, the founder of Amazon, has a net worth of USD 249 billion, far behind Mark Zuckerburg, who has USD 224 billion, Larry Ellision, a co-founder of Oracle, who has USD 198 billion, and Bernard Arnault, who has USD 181 billion.

According to a different Forbes billionaire index, Musk is worth roughly USD 374 billion.

Elon Musk's companies

Musk has a diverse financial empire that includes a number of notable businesses. The foundation of his wealth is his investments in SpaceX, Tesla, and his artificial intelligence startup, xAI.

Before the recent share sale, the billionaire's SpaceX holdings were worth USD 82 billion, and xAI increased his portfolio value by an additional USD 25 billion.

Recent net worth boost

Elon Musk's wealth has increased dramatically since the November 5 presidential election, when Tesla shares jumped by almost 70 per cent and President-elect Donald Trump was elected. The rally is thought to be based on optimism that federal policies might favor the manufacturer of electric vehicles.

In the Trump administration, the billionaire will serve as a co-chair of the Department of Government Efficiency. Notwithstanding its name, the department will offer suggestions for cutting government expenditures even though it is not a recognized federal agency.