The richest person in the world just hit an even higher milestone.

Elon Musk’s net worth has reached $400 billion, according to Bloomberg, making him the first person ever to cross that mark.

Behind his nearly $20 billion jump in wealth was a deal that shot up Musk’s rocket company SpaceX’s valuation to roughly $350 billion, Bloomberg reported Tuesday. SpaceX and its investors agreed to purchase as much as $1.25 billion of insider shares.

CNN has reached out to SpaceX for comment, but the company typically does not respond to media requests.

Since the aftermath of the 2024 US presidential election, Musk has enjoyed a huge surge in his personal wealth.

An alliance with President-elect Donald Trump has pushed his ventures to the forefront. Musk is the chief executive of Tesla and SpaceX, as well as the owner of X and CEO of other ventures, including Neuralink, xAI and the Boring Company. Now, along with Vivek Ramaswamy, he will oversee a new “Department of Government Efficiency” (DOGE), named after a memecoin.

Tesla shares jumped to a record high of $415 on Wednesday. Since Election Day, the EV maker’s stock has rallied roughly 65% on investors’ belief that Musk’s influence in the Trump administration will usher in an era of deregulation that will benefit the company. Musk is Tesla’s largest individual shareholder.

His artificial intelligence startup, xAI, also more than doubled in value in November amid a new funding round, surging to $50 billion from a few months ago, according to the Wall Street Journal.

The world’s wealthiest man is now roughly $136 billion richer since November 5, according to the Bloomberg Billionaires Index.

While the top spots on the billionaires index typically switch around, Musk is racing past his wealthy peers. As of December 10, before his wealth skyrocketed to $400 billion, he was already $140 billion richer than the second-richest man on Earth, Amazon founder Jeff Bezos.

Musk’s record-breaking Tesla-shareholder-approved pay package, which was worth $101 billion, was rejected by a Delaware court last week.

Bloomberg’s calculation still seems to include the pay package, which is now worth as much as $120 billion based on the current value of Tesla shares.