According to an estimate by Bloomberg News, Elon Musk’s estimated net worth has now surpassed $400 billion – making him the first person ever to reach such a milestone.

While the value of shares in Musk’s electric car maker and robotics company Tesla has soared in recent months, it is his private stake in SpaceX, the rocket company he co-founded, that has catapulted his fortune past its recent threshold.

This week, Bloomberg reported that a private sale of SpaceX shares raised the company’s market capitalization to around $350 billion, making it the world’s most valuable private startup. Musk is said to own 42% of the company.

As Tesla shares hit a new high on Wednesday, Musk’s fortune jumped to $440 billion, according to Bloomberg.

Musk’s position as the world’s richest person has seen some volatility in recent years due to turmoil in Tesla’s share price, but he has held the top spot since May. A separate billionaire index tracked by Forbes puts Musk’s net worth at about $369 billion, with Amazon founder Jeff Bezos at No. 2 and Oracle co-founder Larry Ellison at No. 3.

A Delaware judge this month upheld an earlier ruling that rejected a pay package for Musk that Tesla shareholders had already approved, citing a conflict of interest in their vote.

But Musk’s net worth has increased even without this compensation agreement and is now at $100 billion. Musk expressed his disagreement with Judge Kathleen McCormick’s decision on the compensation agreement, stating on his social media platform X: “Shareholders should control corporate votes, not judges.”

For much of the year, Musk has been focused on the 2024 election: Federal Election Commission filings show he spent nearly a quarter of $1 billion to elect Donald Trump to a second term as president.