Tesla CEO Elon Musk has achieved a record-breaking milestone in personal wealth, now estimated at $348 billion.
According to the Bloomberg Billionaires Index, Musk became the wealthiest individual in history, largely driven by a significant rise in Tesla’s stock price following Donald Trump’s electoral victory.
The boost in Tesla shares, climbing 40% since Election Day and 3.8% on Friday alone to close at $352.56, their highest in over three years, was sparked by Wall Street’s optimism toward the pro-business policies expected from US President-elect Donald Trump. The rise added $7 billion to Musk’s fortune, surpassing his peak net worth of $320.3 billion in November 2021 during the pandemic-era surge.
Musk’s relationship with Trump, highlighted by a $100 million campaign donation and endorsement earlier this year, has bolstered investor confidence. He has also been named chair of the newly formed “Department of Government Efficiency” (DOGE), collaborating with biotech entrepreneur Vivek Ramaswamy.
Analysts anticipate that the incoming administration’s deregulatory agenda could benefit Tesla, especially its Full Self-Driving initiatives, which have previously encountered regulatory hurdles.
Besides Tesla, Musk’s investments in artificial intelligence and aerospace significantly contribute to his wealth. His 60% ownership in the AI company xAI, recently valued at $50 billion, added $13 billion to his assets. Furthermore, his 42% stake in SpaceX, valued at $210 billion in a recent tender offer, added $88 billion.
There’s ongoing speculation that SpaceX’s next funding round might raise the company’s valuation to $250 billion, potentially increasing Musk’s net worth by an additional $18 billion.
The Net Worth of Elon Musk! pic.twitter.com/Yhn9MGqUnz
— RVCJ Media (@RVCJ_FB) November 24, 2024Currently, Musk’s wealth exceeds that of Larry Ellison, the Oracle chairman who is the world’s second-richest individual with $235 billion, by $80 billion. Most of Musk’s fortune derives from his 13% ownership in Tesla, valued at $145 billion, and an impending 9% equity award from the company.
Despite these gains, Tesla shares are still about 14% below their late 2021 peak, while the broader S&P 500 index has ascended 27% in the same period.
