Tesla CEO Elon Musk has become the first person to top a net worth of $400 billion, according to Bloomberg News.

Musk’s wealth, which was last counted at $384 billion by the Bloomberg Billionaires Index, jumped after an insider share sale of SpaceX, the space exploration company that he founded. According to Bloomberg, the sale boosted Musk’s net worth by about $50 billion, bringing his current net worth to $429.2 billion. 

The world’s second wealthiest person, Jeff Bezos, is worth $244 billion, Bloomberg Billionaires Index shows. 

Musk’s fortunes have been turbocharged since the November 5 presidential election, with President-elect Donald Trump’s victory helping to lift the tech executive’s wealth. That’s because Tesla shareholders believe Musk’s decision to spend millions on Trump’s candidacy will reap dividends through federal policies that could help the electric vehicle maker. 

Where does Musk’s wealth come from?

Since the election, shares of Tesla have soared almost 70%, lifting the value of his stake to about $165 billion, according to Bloomberg.

His stake in xAI, his artificial intelligence company, is worth about $25 billion, while his SpaceX holdings were worth about $82 billion before the private sale, Bloomberg reported. His other holdings include X, the social media app and the Boring Company. 

Meanwhile, Musk will hold a key position as the co-head of the Trump administration’s newly created Department of Government Efficiency. Despite the name, the group isn’t an official government department, although it plans to provide recommendations on paring federal spending.