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.
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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:
Elon Musk: $447 billion
Co-leader of the "Department of Government Efficiency," a nongovernmental group created by Trump to advise on slashing federal costs, Musk’s friendship with Trump through the presidential race is highly documented. Musk spent over $275 million on the campaign and is expected to hold considerable sway over executive decisions.
Stephen Feinberg: $8 billion
Trump reportedly offered Feinberg the position of potential deputy defense secretary, following Feinberg’s previous work as on Trump’s intelligence advisory board during his first term. While Feinberg has yet to accept, Politico reported that a source familiar said he was inclined to do so.
Feinberg is co-founder and co-CEO of private equity firm Cerberus Capital Management, through which he launched Cerberus Venture One this year. The firm focuses on investing in defense technology, representing a potential conflict of interest.
Warren Stephens: $5.1 billion
Stephens is chairman, president and CEO of financial services firm Stephens Inc. and a Republican donor who contributed $2 million to a pro-Trump super PAC, according to The Associated Press. Trump has nominated Stephens as ambassador to the United Kingdom.
Howard Lutnick: $2.2 billion
Lutnick is CEO of financial services firm Cantor Fitzgerald and CEO of global brokerage and financial technology company BGC Group. He is Trump’s nominee for commerce secretary and co-chair of the Trump transition team.
Marc Andreessen: $1.9 billion
While Andreessen doesn’t yet have an official role in the Trump administration, the Silicon Valley venture capitalist and co-founder of firm Andreessen Horowitz said he’s been spending half his time with Trump at Mar-a-Lago since the election, talking tech and economic policy.
Jared Isaacman: $1.7 billion
Isaacman built his fortune by founding payment-processing company Shift4 Payment at age 16 and made history as the first person to conduct a commercial spacewalk, as well as being part of the first nonprofessional astronaut crew sent by a private company. Isaacman is appointed to lead NASA.
Vivek Ramaswamy: $1 billion
Ramaswamy, a former GOP presidential candidate in the 2024 race, is founder of pharmaceutical company Roivant Sciences, which has six FDA-approved drugs and is valued at $8.8 billion on the market. Trump has tapped him to lead the "Department of Government Efficiency" along with Musk.
Frank Bisignano: $1 billion
Bisignano is president and CEO of fintech company Fiserv and has been tapped as commissioner for the Social Security Administration. He’s previously served as co-COO and CEO of mortgage banking at JPMorgan Chase.
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